KHI sells interest in Fairmont Mount Kenya Safari Club
JEDDAH, September 11, 2015
Kingdom Hotel Investments (KHI), a wholly-owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company, has sold its 75 per cent interest in the Fairmont Mount Kenya Safari Club to a private Kenyan company for $18 million, according to a report.
"This transaction marks yet another success for KHC 's value realization strategy from growth market investments. The hotel will remain under the management of Fairmont Hotels & Resorts,” Prince Alwaleed Bin Talal, chairman, Kingdom Holding, was quoted as saying in the Saudi Gazette report.
Sarmad Zok, chairman and chief executive officer of KHI and member of Kingdom Holding’s board of directors, said: "The sale of Fairmont Mount Kenya Safari Club adds to KHI's orderly value realization and capital redeployment record and speaks to the quality of our assets and our team execution.
"We continue to be stakeholders in the asset through Kingdom's interest in the management company FRHI."
