Cascade Investment, the private investment arm for Bill Gates, signed an agreement with Strategic Hotels & Resorts to buy the 173-room Four Seasons Punta Mita, located in Punta Mia, Mexico, and the adjacent La Solana land parcel for US$200 million from Strategic Hotels & Resorts, Chicago.
The transaction, subject to certain closing conditions and regulatory approval, is expected to close in the first quarter of 2014.
“The sale of the Four Seasons Punta Mita is a meaningful opportunity to realize the tremendous value that Strategic Hotels has created in this resort since acquiring it in 2001,” said Raymond “Rip” Gellein, Strategic’s chairman and CEO. “Consistent with our stated strategy, the proceeds from the transaction will be used to de-leverage the company’s balance sheet. As we move forward, we will continue to be opportunistic buyers and sellers of assets to further strengthen our balance sheet, enhance our overall portfolio and position the company for sustained growth.”
Cascade Investments, Kirkland, Washington, owns approximately 6.4% of the Strategic’s common equity as well as 47.5% of Four Seasons Hotels and Resorts, Toronto.