The company that operates the Four Seasons Hotel in Vancouver has chosen not to renew its lease with its landlord when it expires.
This means that Cadillac Fairview may have to find another company to manage luxurious property when the Four Seasons closes on January 31, 2020.
The hotel attached to Pacific Centre has hosted many celebrities over the years, including the Rolling Stones and AC/DC.
Its restaurant, YEW Seafood + Bar, is a favourite lunch spot of many influential power brokers, including real-estate kingpins Hassan Khosrowshahi, Bob Rennie, and Joe Segal.
The Four Seasons won a coveted five-star rating from Forbes Travel Guide. It remains the only hotel still owned and operated by Four Seasons Hotels Limited, which was founded by Toronto businessman Isadore Sharp in the early 1960s.
The hotel's construction in the early 1970s nearly pushed Sharp's company into bankruptcy.
In 2007 Four Seasons Hotels Limited came under the control of U.S. billionaire Bill Gates and Saudi investment tycoon Prince Al-Waleed bin Talal.
The Saudi prince—a regular on the Forbes billionare list until this year—was arrested last November in an anticorruption purge but was released in January.
The Four Seasons Hotel and its landlord became enmeshed in a legal dispute last year after Cadillac Fairview alleged that it had become "tired," and "dated" and had "low-quality products and furnishings".
According to an article in Business in Vancouver, Cadillac Fairview wanted to sign a deal with a Marriott Canada to manage the property.
The last major hotel to disappear in Vancouver was the Empire Landmark on Robson Street. It closed its doors on September 30.More