Kingdom sells key hotel stake for $145m
Riyadh, September 1, 2010
Saudi-based Kingdom Hotel Investments (KHI) has sold its 43.7 per cent minority stake in Four Seasons Hotel, Cairo to Arab Company for Hotel and Tourism Investments, a unit of Talat Moustafa Group Holding Company for $145 million.
KHI is a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud.
Commenting on the deal, Prince Alwaleed said,'We are delighted to realize value of this investment. The hotel remains under the management of Four Seasons in which Kingdom Holding holds a 47.5 per cent stake.'
'We continue to be committed to creating and realizing value in our investments in Egypt,' he added.
Sarmad Zok, member of KHC board and Investment Committee and chief executive of KHI, said: 'I am very pleased with this transaction which is executed in line with our stated strategy of value realization. This divesture unlocks significant capital and we will continue to consider the sale of minority stakes to consolidate the portfolio.'
KHI, headquartered in Dubai, is a leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa.
The company has ownership interests in 26 properties in 19 countries, including 22 operating hotels and resorts, and four hotels and resorts currently under construction-TradeArabia News Service