Saudi investment firm Kingdom Holding is reportedly planning to sell its stakes in the Moevenpick Hotel and Four Seasons Hotel in Beirut to a group of Lebanese and other Arab investors by the end of the year. Lebanon’s The Daily Star newspaper valued the deal to sell the Four Seasons stake alone at more than $110 million.
Two sources, one in the Gulf and another in Lebanon, told Reuters on Friday that the sale had “long been planned” and was not linked to the arrest of Prince Alwaleed bin Talal, the firm’s chairman, as part of the Saudi government’s anti-corruption drive.
Prince Alwaleed, a prominent Saudi investor, was one of several princes, ministers and former ministers detained in the government crackdown.
Kingdom Holding declined to comment on the local report, but previously said that the firm was operating as usual after the chairman’s arrest.
Blominvest, the investment arm of Blom Bank, was reportedly tapped to advise on the sale for both hotels.