CEO of Prudential Real Estate Investors, will become president and CEO of the luxury hotel company.

The announcement follows a global search overseen by the private company's long-term shareholders, Kingdom Holding Company, Cascade Investment, and Triples Holdings. Allen Smith, age 56, will take up his new position on September 23.

"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," said Smith. "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. The chance to work with this group of owners, management and employees created what is truly a once in a lifetime opportunity."

Smith has served as CEO of Prudential Real Estate Investors (PREI) 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.

"I could not be more pleased with the selection of Allen to lead Four Seasons forward," said Four Seasons Founder Isadore Sharp. "He shares the vision and values of our organization and will complement our outstanding executive management team and inspire our exceptional employees around the world. Allen has demonstrated a commitment to excellence and will ensure that Four Seasons further enhances its position as the world's leading luxury hotel brand."