Kingdom Hotel Investments has completed the sale of its 39.3 per cent interest in the Four Seasons Resort Sharm El Sheikh for cash proceeds of $70 million.

The sale is in line with KHI’s stated strategy on portfolio rationalisation and value realisation, said a statement.

The 200-key Four Seasons Resort Sharm El Sheikh generated EBITDA of $13.8 million in 2008. This deal implies an enterprise value for the resort and the ancillary real estate of $178 million with a 12.9x multiple on 2008 EBITDA, it said.

Sarmad Zok, CEO said: “I am very pleased with this transaction which was executed in line with our stated strategy and in spite of the challenging environment. This is a strong demonstration of our value realisation model.” – TradeArabia News Service