Billionaire Bill Gates is betting on the travel rebound continuing - particularly the business travel sector - by increasing his ownership of the Four Seasons Hotels.
Cascade Investment LLC, which manages the Microsoft co-founder's assets, announced that Gates will buy half of Saudi Arabian Prince Alwaleed bin Talal's stake in the hotel chain for $2.21 billion.
That will push Gates' ownership of the Four Seasons from 47.6 percent to 71.25 percent in an all-cash deal, according to Forbes magazine, and values the Four Seasons at $10 billion in enterprise value.
The move is viewed by some as Gates' confidence that the travel rebound will continue, especially the lucrative business travel sector that has been slower to bounce back than leisure travel.
According to Forbes, at least two Four Seasons hotels are currently closed, including the location in midtown Manhattan which is "undergoing substantial infrastructure and maintenance work," according to a note on its website.
In a statement, Four Seasons Hotels said the deal "marks a pivotal point in the evolution of Four Seasons" and affirms Cascade's commitment to provide the Four Seasons "with resources to accelerate growth and expand its strategic goals."
Bill Gates is currently ranked by Forbes as the fifth richest person in the world, worth an estimated $132.8 billion.
In addition to its Four Seasons investment, Cascade is the largest private owner of farmland in the U.S. Gates' investment firm also owns stakes in car dealership AutoNation, farm equipment manufacturer John Deere and other stocks.
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