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Beanie Baby founder offered $900 million for Four Seasons New York
Ty Warner, the owner of the Four Seasons New York and the founder of Beanie Babies has reportedly been offered $900 million for the hotel.
Bloomberg News reports that the offer came from an "unidentified" source in Brunei, rumored to be affiliated with the Brunei government.
Four Seasons now has a month to match the offer or lose one of their most important properties. The Brunei investment firm will rebrand the hotel and terminate the Four Seasons management contract if their offer is accepted.
Ty Warner Hotels and Resorts also owns the Kona Village Resort, the Montecito Country Club and the Las Ventanas al Paraiso Resort in Los Cabos, Mexico as well as the Miramar Resort and the Rancho San Marcos golf course.
Warner bought the Four Seasons New York in 1999 for $275 million. Billing at $41,836 per night, the Ty Warner Penthouse Suite rates a number three spot on CNN’s list of the "World’s Most Expensive Hotel Suites for 2012."
If Warner sells for this reported price it will be one of the most expensive hotel deals in New York City history. In February, Crain’s reported that the hotel’s occupancy was well below the city’s average of about 80 percent and that the billionaire was considering selling. It reported that the hotel had $185.6 million in mortgage debt and was being used as collateral for a larger debt package including three hotels.
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