Four Seasons Hotels Inc., the manager of 74 luxury hotels, agreed to be taken private by the chairman of the Microsoft Corp., Bill Gates, Saudi Prince Alwaleed Bin Talal, and the company ‘s chief executive officer for $3.37 billion.

Shareholders will get $82 a share, the Toronto-based company said in a statement yesterday. Isadore Sharp, Four Seasons’ CEO, will receive $289 million as part of the transaction, which was first proposed in November. Including debt, the transaction is valued at $3.8 billion.

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 George V in Paris and the Beverly Wilshire in Beverly Hills, California, operates in 31 countries.

“Interest in deals in the sector will continue unabated, if not increase,” a lodging industry analyst at Rye, New York-based Gabelli & Co, Amit Kapoor, said. The firm owns shares in Four Seasons. “Lodging companies will remain in the crosshairs of private equity buyers or even strategic buyers.”

Shares of Four Seasons fell $2.52, or 3%, to $81.36 at 4:20 p.m. in New York Stock Exchange composite trading. The stock has risen 31% since November 3, the last trading day before the purchase was first proposed.

Shares rose above $82 after the purchase announcement on speculation among investors of an increased offer from the buyers, Mr. Kapoor said.