Bill Gates' Cascade Investment buys Four Seasons Atlanta21 Nov, 2013 By: Elaine Yetzer Simon
Host Hotels & Resorts sold the 244-room Four Seasons Hotel Atlanta to Bill Gates' private equity firm, Cascade Investment, for $62 million, according to Law360. The deal includes the hotel's office space. The proceeds will be used for general corporate purposes.
The five-star hotel, which opened in March 1997, occupies the lower third of the 53-floor building, with 226 guestrooms and 18 suites.
Straun Robertson, Host Hotels’ EVP and CIO, said in a statement that the sale is part of the company’s plans to reduce its presence in "non-target markets."
"We are excited to announce this transaction," Robertson said. "This sale continues to reduce our market presence in our non-target markets and brings our total dispositions since the beginning of last year to over $750 million."
Host Hotels sold two other hotel properties this year as it exits nontarget markets.Topic : Transactions, Host, Cascade, Four Seasons
External Source : Law360, Host Hotels, Atlanta Journal-Constitution
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