Bill Gates-owned group buys Midtown's Four Seasons Hotel | Business
ATLANTA -- Cascade Investment, the investment arm of Microsoft founder and philanthropist Bill Gates, now owns Atlanta's Four Seasons Hotel.
Cascade bought the 244-room Four Seasons from Host Hotels & Resorts, which owned it since 1998. Host Hotels sold Four Seasons and about 99,000-square-feet of office space in the building for $62 million, the company said Nov 21.
Cascade did not disclose the price.
Four Seasons is one of the strongest luxury hotel brands in the world, and the hotel will continue to be managed by Toronto-based Four Seasons Hotels and Resorts. The Four Seasons Hotel occupies the first 19 floors of a 54-story tower on 14th street between Peachtree and West Peachtree streets, the heart of Midtown, the city's arts and entertainment district.
The sale comes as Atlanta Business Chronicle reported plans for a three-tower mixed-use project directly across the street at 98 14th Street, also known as the "symphony center site." The plans appear unrelated to the Four Seasons transaction.
Cascade is in growth mode. In September, it also bought the Four Seasons Hotel Houston.
Bethesda, Md.-based Host Hotels owned seven Atlanta hotels as of the end of September, including the Four Seasons Hotel Atlanta, The Ritz-Carlton, Buckhead; The Westin Buckhead Atlanta, Grand Hyatt Atlanta in Buckhead, JW Marriott Atlanta Buckhead, Atlanta Marriott Suites Midtown, and the Atlanta Marriott Perimeter Center.
Earlier in 2013, it sold its largest Atlanta hotel, the Atlanta Marriott Marquis, for $293 million to Middle Eastern investors.