Kingdom Hotel Investments (KHI), a wholly-owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company (KHC), has sold its 100 per cent interest in the InterContinental Lusaka, Zambia, to a private company for $35.9 million.

The transaction with QG Africa Hotel, a Mauritius-based fund managed by QG Investments Africa Management, closed on March 31.

Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of KHC, said: “This transaction marks yet another success for KHC’s value realisation strategy from growth market investments.”

Sarmad Zok, chairman and CEO of KHI and Member of KHC’s board of directors, said: “The sale of the InterContinental Hotel Lusaka is part of KHI’s ongoing value realisation mandate and speaks to the quality of our assets and our team execution.” - TradeArabia News Service