Kingdom Holding sells Mayfair hotel for $147m
London, November 5, 2007
Kingdom Holding Co, controlled by Saudi billionaire Prince Alwaleed bin Talal, said on Monday it had sold the Four Seasons Hotel in London's Mayfair district.
The hotel was sold for 550 million riyals ($146.7 million), it said.
Kingdom Holding holds a 44.4 percent stake in the Four Seasons Hotels Inc. after shareholders agreed in April to a $3.37 billion offer from a group of investors including Prince Alwaleed and Microsoft Corp.'s founder Bill Gates, according to Kingdom's Web site.
The sale is part of Kingdom's plans to "monetise and extract value out of the company's hotel portfolio," it said in a statement on the stock exchange Web site. It did not name the buyer.
The hotel has 219 rooms and suites, Kingdom said.
Founded in 1960, Four Seasons has 74 hotels in 31 countries and more than 25 properties under development, according to its Web site. - Reuters
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