TORONTO — Bill Gates’s private investment company has signed a deal to increase its stake in Four Seasons Hotels and Resorts so that it will hold a controlling interest.

Cascade Investment LLC will pay US$2.21 billion in cash for half of the 47.5 per cent stake owned by an affiliate of its long-term investment partner, Saudi Arabia’s Kingdom Holding Co.

The deal will increase Cascade’s stake in Four Seasons to 71.25% from 47.5%.

Four Seasons founder and chairman Isadore Sharp will retain his 5% stake.

The deal is expected to close in January, pending regulatory approvals and other customary closing conditions.

Four Seasons manages 121 hotels and resorts and 46 residential properties in 47 countries.