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Kingdom Holding Company portfolio has its major interests in luxury hotels management companies. (Ashok Verma)
Saudi Arabia’s Kingdom Holding Company (KHC), owned by Prince Alwaleed Bin Talal, has sold Mövenpick Hotel and Apartments Bur Dubai to a UAE-based investment company for $95 million (Dh348.65m).
The transaction was closed on November 28, 2014, the conglomerate said in a statement on its website.
Sarmad Zok, Chairman and CEO of Kingdom Hotel Investments (KHI) and Board Member of KHC, said: “The sale of the Mövenpick 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.”
KHI, headquartered in Dubai, 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 Mövenpick 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.
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