Bill Gates Firm Buys Mexico Four Seasons Resort

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Strategic Hotels & Resorts has entered into an agreement to sell the Four Seasons Punta Mita Resort to Cascade Investment, the private investment arm for Bill Gates, for $200 million. 

Strategic will also sell the adjacent La Solana land parcel in the deal, representing approximately $1.1 million per key, according to a company statement.

The Mexico property includes 173 guest rooms and suites, along with a 48 acre development site. 

"Consistent with our stated strategy, the proceeds from the transaction will be used to de-leverage the company's balance sheet," Raymond L. "Rip" Gellein, chairman and chief executive of Strategic Hotels & Resorts, Inc., said in the announcement. "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 Investment owns approximately 6.4 percent of Strategic hotels, the company stated. Last month, Cascade announced its second purchase of a Four Seasons property. 

In 2007 Saudi Billionaire Prince Alwaleed Bin Talal and Mr. Gates purchased a 95 percent stake in the Four Seasons chain in a deal valued at $3.8 billion.

The Punta Mita deal is expected to close in the first quarter of 2014.