AUSTIN (Austin American-Statesman) – Four Seasons Hotels Inc., the manager of 74 luxury hotels, agreed to be taken private by Microsoft Corp. Chairman Bill Gates, Saudi Prince Alwaleed Bin Talal and the company’s chief executive officer for $3.8 billion, including debt.

The purchase does not affect the ownership of each hotel, just the management company. Shareholders will get $82 a share in the purchase, the Toronto-based company said in a statement. Isadore Sharp, Four Seasons’ CEO, will receive $289 million as part of the transaction.

Hotel companies have become takeover targets as travel to the world’s largest cities rises while the supply of new hotel rooms trails. Four Seasons, whose hotels include the Four Seasons in Austin, the George V in Paris and the Beverly Wilshire in Beverly Hills, Calif., operates in 31 countries.

Alwaleed is bidding through Kingdom Hotels International, and Gates will purchase his stake through Cascade Investment LLC.