Kingdom Hotels (Toronto) Ltd. a subsidiary of Kingdom Holding Company, chaired by His Royal Highness Prince Alwaleed bin Talal bin Abdulaziz Alsaud (“Kingdom”), completed the acquisition and financing (first mortgage and mezzanine) of the new Four Seasons Hotel in Toronto from Bay Yorkville Limited Partnership (“BYD”).
The acquisition is a new flagship for the Four Seasons brand.
The transaction closed on October 5, 2012, for a purchase price of approximately $165,000,000.
First mortgage financing was led by The Bank of Nova Scotia (“BNS”).
Mezzanine financing was provided by Pearlmark Mezzanine Realty Partners III, L.L.C. (“Pearlmark”)
Kingdom was represented by Stikeman Elliott LLP with a legal team that included Brenda Hebert, Jamie Klein and Marc Simonik and Lynda Crago (real estate); Melissa Schyven, Anne Weintrop and Thomas Gallagher (financing); Guy Masson, Franco Gadoury (tax) and Genora Coleman (corporate). Hogan Lovells with a legal team that included Bruce Gilchrist and Nancy O'Neil acted as special US counsel to Kingdom.
BYD was represented by in-house counsel Mark Karam and Fraser Milner Casgrain LLP with a legal team that included Jules Mikelberg, Jason Park, Karen Groulx and Michael Toshakovski.
Four Seasons was represented by Laurel Vanderjagt, Vice President, Corporate Counsel and Assistant Secretary and Goodmans LLP with a legal team that included Tom Macdonald, Mario Di Fiore, Jeff Citron and Emily Ting.
BNS was represented by McCarthy Tétrault LLP with a legal team that included John Currie and Paul Galbraith.
Pearlmark was represented by David Cher of DLA Piper LLP and Fasken Martineau DuMoulin LLP with a legal team that included Mark Brennan, Dan Law, Dugan Edmison (commercial and real estate); Bill Bies (tax) and Stuart Brotman (insolvency).
FCT provided commercial title insurance for both the purchaser's and lender's interests in the property.