GulfBase Live Support
Leave a message and our representative will contact you soon
22/11/2013 12:03 AST
Prince Alwaleed bin Talal, the Saudi billionaire with stakes in companies including Citigroup Inc, is weighing options including an initial public offering for Four Seasons Holdings Inc and Fairmont Hotels & Resorts Inc.
The founder and Chairman of Saudi Arabia’s Kingdom Holding Co, who took a 95 per cent stake in the Four Seasons chain with Bill Gates, said in an interview with Bloomberg TV’s Erik Schatzker in Chicago on Wednesday he’s considering strategic options for the two companies including an IPO or merger.
“Our objective right now is to grow both companies and have a monetisation process,” Alwaleed said at a conference hosted by Bloomberg LP. “The hotel industry is facing major upside right now. This may go on another three or four years. So there is a zone of opportunity for us right now.”
Hotel chains in the US have benefited from demand in the lodging industry, with shares of Starwood Hotels & Resorts Worldwide Inc and Marriott International Inc reaching multi- year highs in May. Hilton Worldwide Holdings Inc, owned by Blackstone Group LP, this month filed to raise $1.25 billion in an initial public offering.
Alwaleed and Gates took Toronto-based luxury-hotel chain Four Seasons private in 2007 in a deal valued at $3.8 billion. The Saudi businessman led a group of investors, including Colony Capital LLC, in a $3.24 billion takeover of Fairmont in 2006.
Alwaleed currently has a 35 per cent stake in Fairmont after cutting his holdings from 58 per cent two years ago to bring in new investment from Voyager Partners and pave the way for an IPO, Alwaleed said at the time.
Fairmont has more than 60 properties globally, including The Plaza in New York and Makkah Clock Royal Tower in Saudi Arabia.
Four Seasons has 91 properties in 38 countries, including the Four Seasons Hotel New York in Manhattan and Four Seasons Hotel George V in Paris. The hotelier hired Allen Smith, the head of Prudential Real Estate Investors, as chief executive officer in August after a five-month search.
“Clearly we’ll defer to management but they have my views very clear,” Alwaleed said in the interview, adding that he had met executives at the two companies in Toronto in recent days.
Bloomberg
21/03/2018
Prince Al Waleed Bin Talal, just weeks after his release from detention in Riyadh’s Ritz-Carlton, is hunting for deals again and planning to reshape his investment empire.
The prince, in hi
Gulf News
18/03/2018
Kingdom Holding Co is reviving talks to raise about $1bn in loans, weeks after its chairman Prince Alwaleed bin Talal was released from detention, people familiar with the matter said.
The
Gulf Times
09/03/2018
Kingdom Holding Company (KHC) has signed a smart city consulting agreement to design ICT infrastructure and smart services for Jeddah Tower and Jeddah Economic City Project on behalf of the Jeddah Ec
Arab News
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News