Saudi Prince's Investment Company Sells Toronto Four Seasons Hotel

Kingdom Holding, the investment company owned by Saudi Prince al-Waleed bin Talal, has sold the Four Seasons Hotel in Toronto for 225 million Canadian dollars ($171.3 million) to a family-owned business, it said Sunday.

The buying entities are tied to Pakistani-American businessman Shahid Khan, a car-parts magnate and owner of the Jacksonville Jaguars NFL franchise and London's Fulham Football Club.

Kingdom Holding made a profit of C$17 million from the sale of the luxury hotel, the company said in a brief statement posted on the Saudi stock exchange website.

Profit from the sale, which was completed on Sept. 30, is expected to be reflected in the company's third-quarter results, Kingdom said.

Prince al-Waleed owns the majority of Kingdom Holding, which invests in a diverse set of industries, including real estate, health care and hotels.

The company is focused on acquiring high-value real estate such as luxury hotels globally. Its strategy, which includes restoring and upgrading premier properties, such as New York's Plaza Hotel, London's Savoy Hotel and the Four Seasons George V Hotel in Paris, delivers consistently excellent long-term returns, Kingdom Holding says on its website.

The firm also owns shares in international companies including Apple Inc., social media company Twitter Inc. and News Corp., the parent company of The Wall Street Journal.

Kingdom Holding in July reported a 22% fall in second-quarter net profit as income from associates and dividends declined, while finance charges and general and administrative costs increased.

Write to Dahlia Kholaif at [e-mail]

(END) Dow Jones Newswires

October 02, 2016 21:25 ET (01:25 GMT)

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