“Four Seasons Hotels and Resorts ("Four Seasons" or "the Company"), the world's leading luxury hospitality company, today announced that its longstanding shareholder, an affiliate of Cascade Investment, L.L.C. (collectively, "Cascade"), has entered into a definitive agreement to acquire a controlling interest in the Company,” Four Seasons said.

Cascade is set to expand its current stake from 47.5 percent to 71.25 percent by buying half of the stakes owned by an affiliate of Kingdom Holding Company, a long-term investment partner of Cascade, at a price of $2.21 billion.

Four Seasons CEO John Davison said in the statement that the support and partnership of shareholders like Cascade continue to be critical to growth, and that the company looks forward with confidence to the future of the luxury hospitality industry.