KHC sells stake in Mövenpick Hotel Ambassador Accra


11/01/2017 08:07 AST

Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal announced that it has successfully sold its 100% interest in the Mövenpick Hotel Ambassador Accra to QG Africa Hotel LP, a Mauritius-based fund managed by Quantum Global Investments Africa Management Ltd. for a consideration of $100 million. The transaction closed on Dec. 28, 2016.

Alwaleed said: “This transaction marks yet another success for KHC’s value realization strategy from growth market investments”. Alwaleed added “Kingdom continues to be a stakeholder in this asset through our interest in the management company Mövenpick Hotels & Resorts which will continue to operate the hotel.”

Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. Today, KHC is one of the world’s most successful and diversified business organizations with investments across 12 sectors. For over two decades, the company has been a leading player in the global hospitality industry, building shareholder value by acquiring, developing, actively asset managing and monetizing high-quality hospitality assets.

KHC’s hospitality investments include major interests in industry-leading hotel management companies Four Seasons Hotels and Resorts (which is co-owned by Bill Gates’ Cascade with a 47.5% stake, and the remaining 5% is owned by Isadore Sharp), AccorHotels (with a 5.8% stake), and 33% ownership in Mövenpick Hotels & Resorts. This is in addition to a real estate portfolio comprising 15 hotels worldwide. These hotels include the Four Seasons Hotel George V in Paris, The Plaza in New York, The Savoy in London, and other leading real estate assets across the Middle East, Asia, and Africa.

Saudi Gazette
Kingdom Holding Co. - KINGDOM
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
MMG 0
EMIRATESNBD 8 953,900
DAMAC 3.04 4,480,836
MAADEN 48.95 8,961,398
Recent News

Maaden announces new Vice Chairman
The Saudi Arabian Mining Company (Maaden) announces the Board of Directors decision on June 21, 2017 of appointing H.E. Sulaiman Bin Abdulrahman Al-Gwaiz (non-executive member) as the Vice Chairman f

QNB sees minimal impact from standoff
Qatar National Bank said it expects to meet its earnings targets as the ongoing Saudi-led campaign to ‘isolate’ the country has minimal impact on its operations.

The Middle East’s largest le

Egypt seeks FDI boost as its economy struggles
Egypt’s investment ministry has finalised a much-anticipated set of regulations outlining incentives that it hopes will lure back badly needed foreign investors, Investment Minister Sahar Nasr told R

Qatar bourse says Gulf institutions dumped Qatari shares
The Qatar Stock Exchange on Wednesday said it believed some institutional investors from Saudi Arabia, the UAE and Bahrain dumped shares to drive down the Qatari stock market in the wake of the diplo

UAE banks clear $175bn cheques in 5 months
A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?