Kingdom sells Thai hotel stake for $90m
Dubai, June 9, 2012
Kingdom Hotel Investments (KHI), controlled by Saudi billionaire Prince Alwaleed bin Talal, said it has sold its entire stake in Mövenpick resort in Thailand to a Malaysian group for $90 million.
A wholly-owned subsidiary of Saudi conglomerate Kingdom Holding Company, KHI is a leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa.
Dubai-headquartered KHI said it had sealed a deal with Crystal Caliber, a subsidiary of Malaysia-based TA Global for the sale of its stake in Mövenpick Resort & Spa Karon Beach Phuket in Thailand on May 31.
KHI had in January sold the Swissôtel Kunshan to TA Global for a gross consideration of approximately $61 million.
Commenting on the deal, Prince Alwaleed said, "This transaction marks yet another success for KHI’s value realization strategy from growth market investments.”
Sarmad Zok, chairman and CEO of KHI and member of KHC’s board said, “We are delighted to partner with TA Global on yet another successful transaction. The sale of the Mövenpick Phuket further adds to KHI’s orderly value realization and capital redeployment record."
"The seamless transaction is also testimony to the quality of our assets and our team execution, and an evidence of the buoyant M&A environment in growth markets," he added.
KHI presently has ownership interests in 21 properties in 14 countries, including 19 operating hotels and resorts, and two currently under construction.-TradeArabia News Service