KHI sells 50% interest in Four Seasons Mauritius

02/06/2015 08:15 AST

Kingdom Hotel Investments (KHI), a wholly owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed bin Talal, has sold Kingdom 5-KR-182, Ltd., beneficial owner of a 50 percent interest in the Four Seasons Resort Mauritius at Anahita to Kingdom’s joint venture partner in the property, hospitality group Sun Resorts.

The Four Seasons Resort Mauritius at Anahita, part of a $200 million mixed-use development project, opened in 2008 and swiftly became the leading property in the Mauritius luxury hotel competitor set. The transaction closed on May 30, 2015 for a net equity consideration of $40 million.

Prince Alwaleed commented: “This transaction marks yet another success for KHC’s value realization strategy from growth market investments. The hotel will remain under the management of Four Seasons Hotels and Resorts.”

Sarmad Zok, chairman and CEO of KHI and member of KHC’s board of directors, commented: “We are very pleased to be entering into the transaction described above with our JV partners with whom we have successfully worked to establish this asset as the undisputed market leader in the Mauritian luxury hotel segment.”

Zok added: “We continue to be stakeholders in the asset through Kingdom’s interest in the management company Four Seasons Hotels & Resorts.”

KHI, headquartered in Dubai (UAE), is the leading international hotel and resort acquisition and development company.

For over two decades, Kingdom has been a leading player in the global hospitality industry, building shareholder value by acquiring, developing, actively asset managing and finally monetizing high-quality hospitality real estate properties.

KHC owns a 47.5 percent stake in the Four Seasons which is co-owned by Bill Gates’ Cascade with a 47.5 percent stake, and the remaining 5 percent is owned by Isadore Sharp.

Arab News