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Sun 2 Oct 2016 05:38 PM

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Alwaleed's Kingdom Holding sells luxury Toronto hotel for $171m

Investment firm owned by billionaire Prince Alwaleed bin Talal sells Four Seasons Hotel Toronto

Alwaleed's Kingdom Holding sells luxury Toronto hotel for $171m

Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, said on Sunday it had sold the Four Seasons Hotel Toronto for a gross price of 225 million Canadian dollars ($171.8 million).

The property was sold to family investment vehicles related to Shahid Khan, Pakistani-American founder of automobile parts maker Flex-N-Gate Group and owner of the Jacksonville Jaguars American football team and London's Fulham Football Club.

The sale occurred as a weak Canadian dollar increases interest among foreign investors eager to diversify their holdings with Canadian assets including real estate.

Canada's KingSett Real Estate Growth LP and InnVest REIT bought 80 percent of another iconic downtown Toronto hotel, the Fairmont Royal York Hotel, for C$186.5 million early last year.

Four Seasons Hotels and Resorts, in which Kingdom Holding owns 47.5 percent alongside a similar stake held by Bill Gates' Cascade Investment, will continue to operate the Four Seasons Toronto.

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