The Cascade Investment Company is owned by the American billionaire, Bill Gates, and the Kingdom Holding Company is owned by the Saudi businessman, Al-Waleed bin Talal.
Under the agreement, Cascade will pay $2.2 billion in cash to boost its stake in the Four Seasons holding from 47.5 percent to 71.25%, according to a statement, according to Bloomberg.
The housing and hospitality industry has been stymied by the sharp slowdown in global travel, as the world struggles to stem the spread of Covid-19.
Vaccination campaigns have helped the housing boom led by leisure travel, but luxury hotels are still lagging behind low-quality properties, according to data from STR.
According to Bloomberg, Gates, 65, and Alwaleed, 66, have known each other for decades. In 2017, Gates described the prince as an important partner in their charitable work.
Four Seasons became a private company in 2007, when it ran 74 hotels, with Gates and Alwaleed at the forefront of shareholders.
The new owners expanded the company's presence to include more markets in an effort to take advantage of the booming market for luxury travel at this time.
The chain now manages 121 hotels and resorts, 46 residential properties, and more than 50 other projects are under development, according to the statement.