Kingdom Hotel Investments sells Zambia's InterContinental Lusaka

InterContinental Lusaka

As a wholly-owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company, Kingdom Hotel Investments has sold its 100 percent interest in the InterContinental Lusaka, Zambia, to QG Africa Hotel, a Mauritius-based fund managed by QG Investments Africa Management, for $35.9 million.

KHI has major interests in luxury hotel management companies including Four Seasons Hotels and Resorts, FRHI Hotels & Resorts, and Mövenpick Hotels & Resorts, and a real estate portfolio of 18 hotels worldwide. These hotels include the Four Seasons Hotel George V in Paris, The Plaza in New York, The Savoy in London and the Four Seasons Hotel Toronto. The company also owns other real estate assets across the Middle East, Asia, and Africa.

Source: Trade Arabia

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The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.

The sale is the latest step in Park's asset-light strategy.