As reported by Bloomberg, Bill Gates will take control of the Four Seasons hotel chain after his investment firm agreed to acquire a stake from Saudi Prince Alwaleed bin Talal’s Kingdom Holding Co.

The deal aims at rebounding the luxury hospitality brand following the pandemic-induced slump.

Gates’s Cascade Investment LLC will pay USD 2.2 billion in cash to boost its stake in Four Seasons Holdings to 71.25 percent, up from 47.5 percent.

In 2007, the Canadian luxury hotel chain Four Seasons was privatized by accepting a USD 3.8 billion takeover bid from Gates and bin Talal.