Bill Gates' Cascade Investment LLC is taking control of Four Seasons Hotels and Resorts by buying about half of Saudi Arabian Prince Alwaleed bin Talal's stake for $2.21 billion, the hotel operator said on Wednesday.

Cascade will acquire half of the billionaire prince's stake in Four Seasons, raising its ownership to 71.3% and valuing the hotel chain at $10 billion on an enterprise basis.

Prince Alwaleed, through investment vehicle Kingdom Holding Co (4280.SE), will continue to own the remaining stake, Four Seasons said in a statement.

While the prince owns stakes in many companies such as Citigroup Inc (C.N) and ride-hailing firm Lyft Inc (LYFT.O), his investment firm has been selling its stakes in hotels over the last 10 years