Kingdom Holding Company (KHC) on Tuesday announced that it has completed the sale of the Fairmont New Orleans Hotel with proceeds valued at SR108 million ($28 million) going to KHC.

The Fairmont New Orleans is a 615 guestroom hotel with an additional 85 suites. The hotel originally built in 1893 near the French Quarter.

Recently, KHC, chaired by Prince Alwaleed bin Talal bin Abdulaziz Alsaud, had announced the completion of the sale of Monte Carlo Hotel in Monaco with proceeds valued at SR150 Million going to Kingdom, said  PJ Shoucair, executive director for International Investments at KHC.

'The sale of this hotel is in line with KHC’s strategy to continue to realise value from hotel assets either through a sale or aggressive operational and financial management across KHC’s hotel portfolio,' he added.

Last year, Kingdom Holding announced the sale of Swissotel Sydney in Australia for a sale value SR281 million, re-financing of the Four Seasons George V hotel in Paris with net cash proceeds valued at SR285 million going to KHC, the re-financing of the Hotel des Bergues, Geneva in the amount of SR375 million and announced the sale of the Four Seasons Hotel, London for SR550 million.

In 2006 Kingdom and Colony completed a $5.5 billion acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group.

Prince Alwaleed holds a 55 per cent controlling interest in Fairmont Hotels & Resorts through KHC.-TradeArabia News Service