Founded in 1834, Hotel Des Bergues is the Swiss city's oldest hotel and is frequented by world statesmen and royalty. After renovations expected to be completed next year, the hotel, overlooking Lake Geneva and the Alps, will be managed by Four Seasons, the statement added.

Hotel Des Bergues is one of four luxury hotels now owned by the prince in Europe after London's Four Seasons Park Lane Hotel, George V in Paris and a 23 percent stake in Disneyland Paris Hotel. It is also the 187th hotel owned by the Saudi tycoon worldwide including The Plaza in New York, Riyadh's Four Seasons and Movenpick Beirut.

Prince Walid already owns 27 percent of the Swiss group Movenpick, 23 percent of the Four Seasons hotel group and five percent of the Fairmont hotel and resort chain.

The 44-year-old prince, a nephew of King Fahd, has amassed a personal fortune of 20 billion dollars. He built his global financial empire by investing in major companies experiencing hard times.

Founded in 1834, Hotel Des Bergues is the Swiss city's oldest hotel and is frequented by world statesmen and royalty. After renovations expected to be completed next year, the hotel, overlooking Lake Geneva and the Alps, will be managed by Four Seasons, the statement added.

Hotel Des Bergues is one of four luxury hotels now owned by the prince in Europe after London's Four Seasons Park Lane Hotel, George V in Paris and a 23 percent stake in Disneyland Paris Hotel. It is also the 187th hotel owned by the Saudi tycoon worldwide including The Plaza in New York, Riyadh's Four Seasons and Movenpick Beirut.

Prince Walid already owns 27 percent of the Swiss group Movenpick, 23 percent of the Four Seasons hotel group and five percent of the Fairmont hotel and resort chain.

The 44-year-old prince, a nephew of King Fahd, has amassed a personal fortune of 20 billion dollars. He built his global financial empire by investing in major companies experiencing hard times.