Kingdom Hotel Investments (KHI), a unit of diversified Saudi Arabian conglomerate Kingdom Holding Company (KHC), sold its 75 per cent stake in the Fairmont Mount Kenya Safari Club to a private Kenyan company for SR 68 million ($18.1 million).

“This transaction marks yet another success for KHC’s value realisation strategy from growth market investments. The hotel will remain under the management of Fairmont Hotels & Resorts,” said KHC chairman Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud.

KHC will continue to be stakeholders in the asset through Kingdom’s interest in the management company FRHI, noted Sarmad Zok, chairman and CEO of KHI and member of KHC’s board of directors.

In addition to its ownership stake in FRHI Hotels & Resorts – which comprises the Fairmont, Raffles, and Swissôtel brands – KHC holds significant interests in industry-leading luxury hotel management companies Four Seasons Hotels and Resorts and Mövenpick Hotels & Resorts.

KHC’s real estate portfolio comprises 20 owned hotels in 14 countries including the Four Seasons Hotel George V in Paris, The Plaza New York, The Savoy London, the Four Seasons Hotel Toronto, Fairmont San Francisco and other leading hotels across the Middle East, Asia, and Africa. – TradeArabia News Service