KHI sells stakes in Four Seasons Jakarta & Mövenpick Dar es Salaam

15/01/2012 07:53 AST

Kingdom Hotel Investments (KHI), a wholly owned subsidiary of Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, completed the sale of its stakes in the Four Seasons Hotel Jakarta in Indonesia and the Mövenpick Dar es Salaam in Tanzania in two transactions during the fourth quarter of 2011 for a gross consideration of $93 million. KHI had held 82 percent ownership in the Four Seasons Hotel Jakarta and 96 percent in the Mövenpick Royal Palm Dar es Salaam.

Prince Alwaleed commented: “These transactions mark yet another step for KHI towards the realization of the value of its investments.”

Sarmad Zok, chairman and CEO of KHI and a member of KHC’s Board of Directors commented: “We are delighted to realize value from our investments. This is a measure of performance and the ultimate reward to our shareholders. Whereas M&A transaction volumes have been thin globally, KHI’s active monetization program is a testimony to the quality of its assets and team execution. We look forward to continuing an orderly value realization strategy into 2012.”

Prince Alwaleed’s investment in Indonesia through KHC in the financial sector is via Citigroup. Moreover, investments in hotels through Kingdom Holding include Four Seasons Resort Bali at Sayan, Four Seasons Resort Bali at Jimbaran Bay, Raffles Hotel Bali at Jimbaran and Raffles Jakarta that is under development. Moreover, KHC holds a 47.5 percent stake in the Four Seasons which is co-owned by Bill Gates’ Cascade with a 47.5 percent stake, and 5 percent is owned by Isadore Sharp. Furthermore, Prince Alwaleed’s investments through KHC in Tanzania include the current holding of Mövenpick Hotels and Resorts, KHC has ownership interest in 7 Mövenpick operating hotels through KHI including El Gouna; Bur Dubai & Residences, Dubai, UAE, Mövenpick Mauritius, South West Coast, Mauritius, Karon Beach Resort in Phuket, Thailand, Mövenpick Beirut, El Qusair on Egypt’s Red Sea coast and Mövenpick Ramallah Hotel in Palestine. KHC owns a 33.3 percent stake in Mövenpick Hotels and Resorts.

KHI, headquartered in Dubai, is the leading international hotel and resort investment and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa.

Kingdom Hotel Investments has ownership interests in 22 properties in 15 countries, including 20 operating hotels and resorts.

Arab News