Privately-held Cascade Investment today announced the acquisition of Four Seasons Hotel Houston, the city’s premier luxury hotel. Financial terms were not disclosed.
Cascade is buying the asset from Maritz, Wolff & Co. who has owned it since 2000. The transaction is anticipated to close on October 1, 2013.
Located at 1300 Lamar Street in the heart of Houston’s business and financial district, featuring 404 rooms and suites and 64 rental apartments, the world-class AAA Five-Diamond hotel has been offering travelers the finest accommodations and a full range of high-end amenities and services since it opened in 1982.
Under the new ownership, Four Seasons Hotel Houston will continue to be managed by Toronto-based Four Seasons Hotels and Resorts, which is owned jointly by long-term shareholders Cascade Investment, Kingdom Holding Company and Triples Holdings. The company recently announced the appointment of J. Allen Smith as CEO.
“We have great faith in Houston, particularly with its strong role in the global energy business,” said Michael Larson, Chief Investment Officer of Cascade Investment. “Likewise, because we are very confident in the new executive leadership at Four Seasons Hotels and Resorts and the exceptional in-place management team at this property, along with the enduring value of the Four Seasons brand, we see a compelling real estate investment opportunity here. We look forward to Four Seasons Houston continuing as the local market leader and maintaining its unique position in the Houston community.”
Cascade Investment is the private investment arm of Bill Gates.
About Four Seasons Hotels and Resorts
Four Seasons Hotels and Resorts is dedicated to perfecting the travel experience through continual innovation and the highest standards of hospitality. From elegant surroundings of the finest quality, to caring, highly personalised 24-hour service, Four Seasons embodies a true home away from home for those who know and appreciate the best. The deeply instilled Four Seasons culture is personified in its employees – people who share a single focus and are inspired to offer great service. Founded in 1960, Four Seasons has followed a targeted course of expansion, opening hotels and residences in major city centres and desirable resort destinations around the world. With 91 properties in 38 countries, and more than 50 projects under development, Four Seasons continues to lead the hospitality industry with innovative enhancements, making business travel easier and leisure travel more rewarding. For more information on Four Seasons, visit http://press.fourseasons.com and follow on Twitter @FourSeasonsPR.