Cascade Investment affiliate has agreed to acquire an additional 23.75% interest in Canada-based Four Seasons Hotels and Resorts in all-cash deal worth $2.21bn.

Under the deal, the Cascade affiliate will acquire half of the existing 47.5% stake owned by an affiliate of Kingdom Holding Company (KHC) in Four Seasons Hotels.

The transaction will increase Cascade’s stake in the luxury hospitality company from 47.5% to 71.25%.

It gives the Canadian luxury hospitality company an enterprise value of $10bn.

Four Seasons founder and chairman Isadore Sharp, through Triples Holdings, will continue to own a 5% stake in the hotel.

Four Seasons Hotels said in a statement: “The transaction marks a pivotal point in the evolution of Four Seasons, strengthening Cascade’s commitment to provide the Company with resources to accelerate growth and expand its strategic goals.

“Cascade first invested in Four Seasons in 1997 when the Company was public.”

Subject to regulatory approvals and the other customary closing conditions, the sale is expected to close in January 2022.

Four Seasons CEO John Davison said: “The unwavering support and partnership of our shareholders has and continues to be critical as we capitalize on growing opportunities to serve luxury consumers worldwide.

“Our Company is at yet another key moment in its storied history and the confidence of our shareholders in Four Seasons and our strategic vision help position the iconic Four Seasons brand for continued success.”

Four Seasons currently manages 121 hotels and resorts, and 46 residential properties in 47 countries. It also has a pipeline of more than 50 projects at various development stages.