Cascade Investment has agreed to increase its share in Four Seasons Hotels and Resorts from 47.5 percent to a controlling 71.25 percent, the hotel company announced. Cascade has agreed to pay $2.21 billion to Kingdom Holding Co. to increase its share, placing Four Seasons at a $10 billion enterprise valuation, according to the company. Kingdom Holding Co. will retain a 23.75 percent share of the hotel company.

Four Seasons founder and chairman Isadore Sharp through Triples Holdings Ltd. will retain his 5 percent stake. Sharp founded the luxury brand in 1960. Four Seasons now manages 121 hotels and resorts and 46 residential properties in 47 countries. There are more than 50 properties in the pipeline.

The sale is expected to close in January 2022, pending regulatory approvals and other customary closing conditions, according to the company.