KHC sells stake in Mövenpick Accra for $100m
RIYADH, January 10, 2017
Saudi Arabia’s Kingdom Holding Company (KHC) announces that it has sold its 100 per cent interest in the Mövenpick Hotel Ambassador Accra to QG Africa Hotel, a Mauritius-based fund, for a consideration of $100 million.
QG Africa Hotel is managed by Quantum Global Investments Africa Management Ltd. The transaction closed on December 28, 2016.
Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of KHC said: “This transaction marks yet another success for KHC’s value realization strategy from growth market investments.”
“Kingdom continues to be a stakeholder in this asset through our interest in the management company Mövenpick Hotels & Resorts which will continue to operate the hotel,” he added.
KHC’s hospitality investments include major interests in industry-leading hotel management companies Four Seasons Hotels and Resorts (which is co-owned by Bill Gates’ Cascade with a 47.5 per cent stake, and the remaining 5 per cent is owned by Isadore Sharp), AccorHotels (with a 5.8 per cent stake), and 33 per cent ownership in Mövenpick Hotels & Resorts.
This is in addition to a real estate portfolio comprising 15 hotels worldwide. These hotels include the Four Seasons Hotel George V in Paris, The Plaza in New York, The Savoy in London, and other leading real estate assets across the Middle East, Asia, and Africa. – TradeArabia News Service