Forbes
Sep 14, 2021
Forget stand-alone hotels. Mixed use real estate will drive travel’s next golden age.
The Delta variant is still raging, sending would-be travelers back into lockdown. The classic investment strategy to ‘always buy when the blood’s on the street’ has had well over a year to play out, leaving almost no undervalued assets left to buy. And luxury hotels typically lose money unless they operate at very high occupancy rates.
So why did Bill Gates’ investment firm, Cascade Investment LLC, just pay $2.21 billion for a controlling stake in Four Seasons Hotels and Resorts?
“The opportunity arose and [Cascade] seized it. It’s a positive affirmation of our strategy going forward. They believe as we do in the opportunity in front of the company, which is significant,” says John Davison, Chief Executive Officer of Four Seasons. (Cascade declined to comment.)
In a deal announced last week, Saudi Prince al-Waleed bin Talal agreed to sell half his stake in Four Seasons Hotels and Resorts to co-owner Bill Gates, giving him control of the luxury hotel operator, now valued at $10 billion.
Continue to full article:
https://www.forbes.com/sites/jennife...h=1698a9ca17eb
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