KHI sells its interest in Movenpick Hotel Bur Dubai for $95 million

30/12/2014 08:36 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 its 100 percent interest in the Movenpick Hotel and Apartments Bur Dubai to a UAE-based investment company for a gross consideration of $95 million. The transaction closed on Nov. 28, 2014.

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 Movenpick Hotel and Apartments Bur Dubai is a testament to the economic robustness of Dubai and to the buoyant M&A environment in the hospitality sector here. This transaction adds to KHI’s orderly value realization and capital redeployment record and speaks to the quality of our assets and our team execution.”

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

KHC’s portfolio has its major interests in luxury hotels management companies (Four Seasons Hotels and Resorts, Fairmont Raffles Holding Intl and Movenpick Hotels, Resorts AG and Swissotel).

KHC’s hotel real estate investments in 22 properties globally include, George V Hotel in Paris, The Plaza in New York, Savoy Hotel in London, Four Seasons Hotel in Toronto and the Fairmont Hotel in San Francisco and other hotels in the world.

Arab News