IFA Hotels & Resorts (IFA HR) said it has successfully completed three share transfers with its joint investment partner Kingdom Hotel Investments (KHI).

The two companies transferred minority interests in three of their international and regional properties. These transactions are valued at $15.3 million, said a company official.

"IFA HR has transferred its minority interests in five hotels in Kenya to KHI; in exchange, KHI transferred its minority interest in the existing Fairmont Zanzibar and the Fairmont Palm Hotel & Resort development in Dubai to IFA HR," explained Ibrahim Saleh Al-Therban, chairman of IFA HR.

“Strategically we’re consolidating our portfolio by taking majority ownership in our properties worldwide. However, we will continue to have close ties with Kingdom Hotel Investments and will look at future opportunities that would benefit both companies,” he noted.

As a result, IFA HR now has increased ownership in its Fairmont Zanzibar hotel property as well as its Fairmont Palm Hotel & Resort, where Fairmont Hotels and Resorts is a minority shareholder. 

IFA HR is currently present in 14 markets across 4 continents: Kuwait, Dubai, Lebanon, the United Kingdom, the Netherlands, Portugal, France, South Africa, Tanzania, Namibia, Seychelles, Thailand, Caribbean and New York, with plans to reach new parts of the globe.

Werner Burger, IFA HR President and COO commented “Through these transactions, we are now able to concentrate on our current portfolio and strengthen our presence in our markets.”-TradeArabia News Service