Saudi prince sells hotel in China for $61 million

Saudi billionaire Prince Alwaleed bin Talal's investment group, Kingdom Hotel Investments (KHI), on Monday announced the sale of its Swissotel in Kunshan, China, to Malaysia's TA Global for $61 million (44.5 million euros).

The sale is to be finalised in March 2011, the investment group said.

"We are delighted to realise the value of this investment amid a buoyant transactions environment in growth markets," Prince Alwaleed said.

Sarmad Zok, a KHI chairman, added: "This divestiture unlocks significant capital and we will continue to consider the sale of other assets as part of our capital allocation strategy."

Prince Alwaleed's group has sold its share in several luxury hotels over the past two years as part of what it terms a rationalisation of its activities.

Follow Emirates 24|7 on Google News.