Most know Bill Gates as Microsoft’s co-founder and one of the world’s main philanthropists, however do you know that he’s additionally one of the world’s main luxury hoteliers?
In the latest information behind Gates’ hotel investments, journey trade web site Skift reports by way of Bloomberg that his Cascade Investment has bought about 1.74 million shares of Chicago-based Strategic Hotels & Resorts, upping its stake to 9.8 %.
The acquisition signifies that Cascade is all in favour of extra than simply shares. “After latest press reviews of a possible sale, Cascade has determined to method the hotel company about exploring options, ‘together with the chance of the reporting individuals being a celebration to a transaction involving the acquisition of the issuer,’ “ Bloomberg reviews.
If Gates’ Cascade acquires Strategic Motels, it’s going to embody properties just like the Ritz-Carlton Half Moon Bay (simply south of San Fran), 4 Seasons Hotel Silicon Valley, Palo Alto, Calif., and the Essex Home in New York Metropolis. In accordance to Strategic Motels site, the company’s property portfolio consists of 18 high-end accommodations and resorts, and operates “underneath the world’s most admired hotel manufacturers,” together with Fairmont, 4 Seasons, InterContinental and extra.
That is removed from Gates’ first foray into the luxury hotel world. Because the Wall St. Journal reported here on this fascinating have a look at Cascade Funding’s enterprise supervisor Michael Larson — and the way he invests to assist and develop the Gates’ portfolio — final September, “Mr. Gates owns practically half of the 4 Seasons Holding Inc. luxury-hotel chain via Cascade.”
We reported on one such 4 Seasons property in 2013. Gates’ Cascade picked up the 4 Seasons Punta Mita for a “cool $200 million.”