Kingdom Holding Investments, a subsidiary of Saudi Prince Alwaleed Bin Talal’s Kingdom Holding Company, has sold its stake in the Mövenpick Hotel and Apartments Bur Dubai for $95 million. The transaction was closed on November 28, 2014.
“This transaction marks yet another success for KHC’s value realisation strategy from growth market investments,” Prince Alwaleed said.
Sarmad Zok, chairman and CEO of KHI and member of KHC’s Board of Directors added: “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.”
KHC’s portfolio is heavily in luxury hotels including Four Seasons Hotels and Resorts, Fairmont Raffles Holding International, Mövenpick Hotels, Resorts AG and Swissotel.
Globally, the company has hotel real estate investments in 22 properties including 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 amongst others.
However, the group is planning to divest some of its stakes in hotels in the region, according to Prince Alwaleed.
Last year, the Saudi billionaire told Reuters that he plans to sell 20 to 30 hotels in the Middle East, Africa and Asia by 2015.