Gates’ private investment arm, Cascade Investment, paid cash for the Mexican resort as well as an adjacent 48-acre parcel of development land, in a deal that is expected to close in early 2014. Earlier this year, Cascade Investment bought the Four Seasons Hotel Atlanta for $62 million, and the Four Seasons Hotel Houston for $140 million.
Cascade Investment, Bill Gates’ private investment arm, is purchasing the Four Seasons Resort Punta Mita in Mexico and an adjacent 48-acre parcel of development land for $200 million in cash, according to a filing with the U.S. Securities and Exchange Commission, the Seattle Times reported.
The deal is expected to close in early 2014, the Times reported.
John Pinette, the Gates family’s spokesman, declined to comment to the Times on what Gates plans to do with the purchase.
Earlier this year, Cascade Investment bought the Four Seasons Hotel Atlanta for $62 million, according to Hotel Management, and the Four Seasons Hotel Houston for $140 million, according to Bloomberg.
Gates and Prince Alwaleed bin Talal, a Saudi Arabian billionaire, have a 95 percent stake in the chain, according to Bloomberg, which says the two men took the hotel chain private in 2007.
The Wall Street Journal reported that now, Alwaleed is calling for the company to prepare for an IPO, feeling the time is right. The hotel chain has a new CEO in former real-estate investor Allen Smith and competitor Hilton Worldwide issued its IPO last week, the Times reported.
Michael Larson, chief investment officer of Cascade Investment, issued a statement:
“We are a significant investor in Mexico and hold a long-term positive view on the country and its economy. This is an outstanding property asset. Our investment also underscores our confidence in the property’s management team, the leadership of Four Seasons Hotels and Resorts and the strength of the Four Seasons brand overall.”
Cascade purchased the resort, which is located on a private peninsula within a 400-acre nature preserve, from Strategic Hotels & Resorts, according to the statement from Cascade. The resort will continue to be managed by Four Seasons Hotels and Resorts, the Times reported.
This is Cascade’s third purchase of a Four Seasons property in the past 10 weeks, the investment firm added.
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