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.

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