Saudi Prince Buys Luxury Canada Hotel


Billionaire Saudi Prince Walid bin Talal's Kingdom Holding investment group said Saturday it has purchased the luxury hotel Four Seasons Toronto, Canada for $200 million.

"The transaction was funded by a $130 million mortgage loan while $70 million came from (the company's) own resources," Hazem al-Dosari, a Kingdom Holding Company spokesman, told AFP.

The Four Seasons Toronto features 259 guest rooms, including 42 suites.

"This transaction is in line with our investment strategy to develop hotels in selected key cities," Prince Walid said in a company statement announcing the deal.

The prince, in his late 50s, has holdings in Citibank and Rupert Murdoch's News Corporation. Forbes magazine listed him last year as the 26th richest person in the world with assets of $19.6 billion.

Kingdom Holding, of which he owns 95 percent, has stakes in Four Seasons and Fairmont Raffles Hotels International.

In December last year, Prince Walid and his KHC announced a combined investment of $300 million in the social networking site Twitter.

Comments 6
Missing canadianadam 17 November 2012, 19:27

Please lend us some money for weapons so we can kick the HA trash out of our country. Pack your bags resistance. I hear Iran is nice in the spring.

Default-user-icon Disgusted (Guest) 18 November 2012, 11:07

I second the motion... good advice pal...

Default-user-icon Simon (Guest) 17 November 2012, 19:38

Another one?

Missing sensei961 18 November 2012, 15:26

Lets see what so called resistance will do after nasss rallah assasination :)

Default-user-icon ramezg (Guest) 18 November 2012, 17:32

This is a story about Walid bin Talal buying a hotel in Canada. WHY do you feel the urge to forcibly squeeze in a derogatory comment about Hizbullah? I don't like HA any more than you do (I despise them), but can't we keep HA-related comments to HA-related stories or at least stories about local and regional politics? There are plenty of stories about HS, MArch 8, etc. on Naharnet every day. Why discuss HA on a news page related to a Saudi prince's purchase of a canadian hotel? Just because he has money? So we must ask him to " lend us some money for weapons so we can kick the HA trash out of our country"? Does this even make any sense???

Thumb kanaandian 19 November 2012, 04:22

A decent hotel but overpriced; I stayed there once but prefer the Grand Hotel a few blocks away. More for your money. I will spread the word, thanks Naharnet for warning us about this purchase - we will make sure to boycott it to the best of our abilities.