Thursday August 1st, 2013 - 8:40PM
TORONTO—Allen Smith, currently CEO of Prudential Real Estate Investors (PREI), will become President/CEO of Four Seasons Hotels and Resorts.
Smith will assume the post effective September 23.
Smith has served as CEO of PREI since 2008. During his tenure, the company expanded to 23 offices worldwide and $53 billion in real estate assets under management, including many hotels. He joined PREI in 1987 as a member of its hotel investment group after earning his master’s degree from Cornell University’s School of Hotel Administration.
His Royal Highness Prince Alwaleed Bin Talal, chairman of Kingdom Holding Company, which is a long-term shareholder in Four Seasons along with Cascade Investment and Triples Holdings, said in a statement, “The success of Four Seasons as the world’s greatest luxury hospitality company has resulted from the incredibly strong and consistent vision that the company has pursued from its inception. We have enjoyed a strong relationship over 20 years as the company has evolved and grown, and we look forward to continuing to work closely with our friends at Cascade and Triples to support Allen as CEO.”
Michael Larson, CIO of Cascade Investment, also stated, “We see great market opportunities to further expand the Four Seasons brand worldwide. Allen is a proven global growth leader and investor who fits well with our strong company culture and understands the value of preserving the quality of the existing brand. We are excited to work closely with our great partners and Allen to execute the established strategic plan for the company.”
For his part, Smith stated, “Having led a global real estate investment business, I am convinced there is no greater hotel brand and the market demand for Four Seasons around the world is enormous. This is a remarkable situation for me to leverage the complete range of skills developed over my career and it is an honor to help take one of the world’s most admired companies to even greater heights and more great places.”
Currently, Four Seasons consists of 91 properties in 38 countries.