Kingdom sells Chinese resort for $60.6m
Jeddah, April 10, 2011
Kingdom Hotel Investments (KHI), a unit of diversified Saudi conglomerate Kingdom Holding Company (KHC), said it has sold its stake in Swissôtel Kunshan, a luxury resort in China, to Malaysian group TA Global for $60.6 million.
After transaction costs and the repayment of debt, the pre-tax cash proceeds totaled $42.3 million, said a statement from KHC, which is chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud.
Commenting on the sale of the 387-room hotel, Prince Alwaleed said, “We are delighted to realize value of this investment amid a buoyant transactions environment in growth markets.”
Sarmad Zok, chairman and CEO of KHI and member of KHC’s board of directors, said, “I am very pleased to conclude this transaction and complete a further step in our ongoing strategy of value realization and capital redeployment.”
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.-TradeArabia News Service