KHI sells its interest in its Zambia Hotel for $36m

11/04/2016 05:28 AST

Kingdom Hotel Investments (KHI), a wholly-owned subsidiary of the Saudi conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed bin Talal, has sold its 100 percent interest in the InterContinental Hotel Lusaka to QG Africa Hotel LP, a Mauritius-based fund managed by QG Investments Africa Management for a gross consideration of $35.9 million.

The transaction closed on March 31, 2016. Prince Alwaleed commented: “This transaction marks yet another success for KHC’s value realization strategy from growth market investments.”

Sarmad Zok, chairman and CEO of KHI and member of KHC’s board of directors commented: “The sale of the InterContinental Hotel Lusaka is part of KHI’s ongoing value realization mandate and speaks to the quality of our assets and our team execution.” For over two decades, KHI 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.

KHI is today considered one of the most diversified hospitality investors globally with major interests in industry-leading luxury hotel management companies Four Seasons Hotels and Resorts, FRHI Hotels & Resorts, and Movenpick Hotels & Resorts, and a real estate portfolio comprising 18 hotels worldwide.

These hotels include the Four Seasons Hotel George V in Paris, The Plaza in New York, The Savoy in London, Four Seasons Hotel Toronto, and other leading real estate assets across the Middle East, Asia, and Africa.

Arab News