Bill Gates’ investment firm Cascades has purchased a controlling stake in Four Seasons Hotels from Saudi Arabia-based Kingdom Holding. The price – an incredible US$2.21 billion. The deal which is expected to close in January 2022, has Cascades buying half of Saudi Prince Alwaleed bin Talal’s stake in the hotel chain.

Cascades first invested in Four Seasons in 1997, but this purchase increases Gates’ ownership from 47.5% to 71.25%. The hotel company is currently valued at US $10 billion.

The transaction “marks a pivotal point in the evolution of Four Seasons” and affirms Cascade’s commitment to “provide resources to accelerate growth” Four Seasons said.

Four Seasons currently operates 121 hotels and resorts and 46 residences, with more than 50 potential new projects in varied resort areas including Napa Valley, Fort Lauderdale, and Tamarindo, Mexico scheduled to open later this year.

Of its 50 new properties, 90 percent have a residential component. “Residential is a very important part of our business,” said John Davison, Chief Executive Officer of Four Seasons who ran the residential division before being named CEO in 2019.

Four Seasons first introduced the residences in 1985 at their hotel in Boston. Currently they have three standalone private residences in San Francisco, Los Angeles, and London, where at Twenty Grosvenor Square, the cost of an apartment reportedly starts at £17.5 (CAD $30.6) million. A fourth standalone residence is scheduled to open this year in Marrakesh.

Prince Alwaleed will keep his remaining 23.75% stake in the company.

Isadore Sharp, Four Seasons founder and Chairman also holds a 5% stake.