The board of directors for Four Seasons Hotels & Resorts has unanimously approved a $3.8 billion bid from Cascade Investment, a company owned in part by Microsoft co-founder Bill Gates, and Kingdom Hotels International to acquire control of the luxury chain.
Accor signed a $921 million agreement to sell a portfolio of 30 hotels in the U.K. that are operated under its Ibis and Novotel brands to Land Securities, a London-based company which owns and manages properties in England, Scotland and Northern Ireland.
The stock market showed tentative signs of recovery yesterday, recouping some of its losses after suffering its steepest drop in nearly four years on Tuesday.
American Airlines parent AMR might be a buyout target of a group including Goldman Sachs and British Airways, according to the February 26 edition of BusinessWeek magazine.
Continental Airlines announced last week it plans to distribute as many as $111 million worth of profits among the company’s employees.
Accor has recently sold GO Voyages to Financière Agache Investissement (Groupe Arnault) and to GO Voyages management for £281 million, representing a capital gain of around £200 million. The move is part of Accor’s decision to dispose of its non-strategic assets.