TORONTO — One of Toronto’s most luxurious hotels is up for sale, but unless you’ve got $250 million in the bank, you’ll be out of the running to buy it.
According to the Globe and Mail, the Four Seasons Toronto is being sold by owner Kingdom Holding Co, an investment group owned by Saudi billionaire Prince al-Waleed bin Talal. As one of Toronto’s premier luxury properties, the Four Seasons could fetch as much as $250 million, which would make it one of the most expensive hotel deals in Canadian history. Bidders may include hotel chains, private equity firms and wealthy investors.
The decision to sell couldn’t have come at a better time for the Prince, as a weak Canadian dollar increases interest from foreign buyers.
In a similar move, the Fairmont Royal York Hotel, another iconic luxury Toronto hotel, sold for $186.5 million last year to Canada’s KingSett Real Estate Growth LP and InnVest REIT.