Kingdom Hotel Investments (KHI), a top hotel and resort acquisition and development company, said it has sold its stake in Swissôtel Kunshan, China, for $61 million to Malaysian property developer TA Global.

Dubai-based KHI is a subsidiary of diversified Saudi conglomerate Kingdom Holding Company which is chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud.

The KHI on Monday signed an agreement with TA Global for the complete sale of its stake in the Chinese hotel, said a statement from Kingdom Holding Company.

Commenting on the deal, Prince Alwaleed said, “We are delighted to realise value of this investment amid a buoyant transactions environment in growth markets. The transaction will be completed in March.'

Sarmad Zok, chairman and CEO of KHI and member of KHC’s board of directors, 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 other assets as part of our capital allocation strategy.”

The KHI has ownership interests in 23 properties in 17 countries, including 19 operating hotels and resorts, and four hotels and resorts currently under construction.-TradeArabia News Service