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 TORONTO (AP) - A group of investors including Saudi Prince Alwaleed bin Talal has agreed to buy luxury hotel chain Fairmont Hotels & Resorts Inc. for about $3.3 billion in cash, trumping an earlier bid by billionaire investor Carl Icahn, the company said Monday.
Including assumed debt, Fairmont said the value of the deal is about $3.9 billion.
Under the deal, a Canadian company owned by Prince Alwaleed's Kingdom Hotels International and Los Angeles-based real-estate investment fund Colony Capital will acquire all of Fairmont's outstanding shares for $45 each in cash.
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