Four Seasons Hotels and Resorts announced that Allen Smith, currently CEO of Prudential Real Estate Investors, will become president and CEO of the luxury hotel company.
The announcement follows an extensive global search overseen by the private company’s long-term shareholders, Kingdom Holding Company, Cascade Investment and Triples Holdings. Smith, age 56, will take up his new position on September 23.
Smith has served as CEO of Prudential Real Estate Investors (PREI), one of the world’s largest real estate investment managers, since 2008.
Under his leadership, PREI expanded its global presence, which today consists of 23 offices worldwide and $53 billion in real estate assets under management, including many hotels.
Smith joined Prudential in 1987 as a member of its hotel investment group after earning his master’s degree from Cornell University’s School of Hotel Administration.
Over the course of his career with Prudential, his responsibilities expanded beyond hotel investing to include all commercial property types and all facets of the real estate investment business including strategic planning, organizational development, capital partner relations, portfolio management, corporate finance and business operations.
Four Seasons was founded in 1960 by Isadore Sharp, who built the company into the global icon it is today, with 91 properties in 38 countries complemented by a strong development pipeline.
The company was taken private in 2007 by its long-term shareholders.
With their support, Four Seasons is expanding its leadership position by accelerating execution of its existing growth strategy to further strengthen its iconic brand, while creating new opportunities for its loyal guests, employees, and hotel owner partners worldwide.
Commenting on Sunday’s announcement, Prince Alwaleed bin Talal, chairman of Kingdom Holding Company, said: “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, chief investment officer of Cascade Investment, added: “We see great market opportunities to further expand the Four Seasons brand worldwide.”
Larson added: “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.”
Smith commented: “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.”
Smith said: “The chance to work with this group of owners, management and employees created what is truly a once in a lifetime opportunity.”
Allen Smith appointed CEO of Four Seasons
Allen Smith appointed CEO of Four Seasons
Saudi Arabia approves annual borrowing plan for 2026
RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan on Saturday approved the Kingdom’s annual borrowing plan for the 2026 fiscal year, following its endorsement by the NDMC’s Board of Directors, the Saudi Press Agency reported.
The plan outlines key developments in public debt during 2025, initiatives aimed at strengthening local debt markets, and the funding strategy and guiding principles for 2026, SPA added.
It also includes the issuance calendar for the Local Saudi Sukuk Issuance Program in Saudi riyals for the year.
According to the plan, the Kingdom’s projected funding needs for 2026 are estimated at approximately SR217 billion ($57.8 billion).
This is intended to cover an anticipated budget deficit of SR165 billion, as set out in the Ministry of Finance’s official budget statement, as well as principal repayments on debt maturing during the year, estimated at around SR52 billion.
The plan aims to maintain debt sustainability while diversifying funding sources across domestic and international markets through both public and private channels.
Funding will be raised through the issuance of bonds, sukuk and loans at fair cost, according to the SPA report.
It also outlines plans to expand alternative government financing, including project and infrastructure funding and the use of export credit agencies, during fiscal year 2026 and over the medium term, within prudent risk management frameworks.
