Kingdom Hotel Investments (KHI), a wholly owned subsidiary of Saudi Arabia-based Kingdom Holding Company (KHC), sold its 100 percent interest in the Mövenpick Hotel and Apartments Bur Dubai to an UAE-based investment company for SR360 million ($95.9 million).

The transaction was closed on November 28.

Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of KHC, said: "This transaction marks a new milestone in the success of KHC achieving returns on the company's investments in fast-growing markets."

Sarmad Zok, chairman and CEO of KHI, said: "The sale of the Mövenpick Hotel and Apartments Bur Dubai is proof of the economic potential that Dubai possesses. This deal adds a new achievement to the KHI’s record in realising and recycling capital."

KHI, headquartered in Dubai, UAE, is a leading hotel and resort acquisition and development company focused on emerging markets such as Middle East, Asia and Africa.

KHC, an investment holding company, holds stakes in world-class hotels such as the Four Seasons and Fairmont Raffles Holdings International and also owns 22 hotel properties globally including George V Hotel in Paris (France); and The Plaza Hotel in New York (US); among others. – TradeArabia News Service