Rich people buy expensive properties all the time; nothing new there. But you don’t see them buying up the city’s largest hotels very often. The founder of tech giant Microsoft, and one of the richest men alive, Bill Gates, recently bought one of Houston’s finest hotels: The Four Seasons. The luxury hotel houses 404 suites and 64 rental apartments. The hotel is also home to the highly regarded Quattro restaurant.
The American investment company which was founded by Mr. Gates, Cascade investments, concluded the purchase from Maritz, Wolff & Co. on the first of October. The sale price was not disclosed. Maritz, Wolff & Co. has had ownership of the hotel since 2000, when they bought it from Crescent Real Estate equities for the amount of $105 million.
Gates’ Cascade Investments is now the joint owner of the Four Season Hotels and Resorts alongside Kingdom Holding Company and Triples Holdings. The appointment of J. Allen Smith has been recently confirmed as CEO of the hotel.
The hotel is part of the Toronto-based chain of luxury hotels and resorts of which Mr. Gates is now the co-owner. It has been around since 1982 and has created a name for itself owing to its premium services and amenities. Racquetball courts, basketball courts, indoor jogging track and full gym, is complimentary for guests of the hotel, along with spa services and pool. In 2005, the Houston hotel was ranked as the 87th “Best Hotel in the World”.
When the hotel first opened in the 80s, its location in downtown Houston was considered the sleepy side of town; but in the last decade, there has been explosive growth in the area. Hotel occupancy is quite high, and more hotels are under construction right there, including the 1000-room Marriot in the same area.
The chief investment officer at Cascade Investments, Michael Larson, expressed his great faith in Houston, particularly due to its role in the global energy business. In addition, he considers the Four Seasons brand as a lucrative investment and expressed further confidence in the current team and the new leadership of the brand. Mr. Larson also said that he looks forward to seeing the Four Seasons hotel continuing as the local market leader.
Let’s see what the ex-richest man on earth buys up next. Who knows, maybe he’ll buy a fashion brand or a retail-store chain.
