Kingdom Hotel Investments, the investment firm owned by billionaire Prince Alwaleed bin Talal, has announced the sale of its 75-percent interest in the Fairmont Mount Kenya Safari Club for $18 million. KHI will continue to be stakeholders in the property through its interest in the management company FRHI, which runs the Fairmont brand.
Prince Alwaleed said in a statement: "This transaction marks yet another success for KHC's value realization strategy from growth market investments. The hotel will remain under the management of Fairmont Hotels & Resorts."
Sarmad Zok, chairman and CEO of KHI, added: "The sale of Fairmont Mount Kenya Safari Club adds to KHI's orderly value realization and capital redeployment record and speaks to the quality of our assets and our team execution. "We continue to be stakeholders in the asset through Kingdom's interest in the management company FRHI."
In addition to KHI's ownership stake in FRHI Hotels & Resorts, which comprises the Fairmont, Raffles, and Swissôtel brands, KHC also holds positions in Four Seasons Hotels and Resorts and Mövenpick Hotels & Resorts.
KHC's hotel real estate portfolio comprises 20 owned hotels in 14 countries including the Four Seasons Hotel George V in Paris, The Plaza New York, The Savoy London, the Four Seasons Hotel Toronto, and the Fairmont San Francisco.