Fairmont Raffles Hotels International, in which  Kingdom Holding Company (KHC) holds a controlling interest, has sold the Swissotel Sydney in Australia for SR281 million ($75.11 million).

The 359-room hotel is situated near the Sydney Opera House, the historic Rocks, Sydney Harbour Bridge, and the Botanic Gardens.

P J Shoucair, executive director for international investments in KHC, said: “The sale of this hotel is in line with KHC’s strategy to continue to realise value from hotel assets either through a sale or aggressive operational and financial management across KHC’s hotel portfolio.”

Kingdom Holding, chaired by Prince Alwaleed bin Talal bin Abdulaziz Alsaud, recently announced the re-financing of the Four Seasons George V hotel in Paris with net cash proceeds valued at SR285 million going to KHC; the SR375 million re-financing of the Hotel des Bergues, Geneva; and the sale of the Four Seasons Hotel, London for SR550 million. - TradeArabia News Service