KHI sells 43.7% holdings in Four Seasons Hotel Cairo
Published: Sep 1, 2010 23:38 Updated: Mar 8, 2011 20:01
JEDDAH: Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has completed the sale of its 43.7 percent minority interest in the Four Seasons Hotel Cairo at Nile Plaza, Egypt to Arab Company for Hotel and Tourism Investments (a subsidiary of the Egyptian based Talat Moustafa Group Holding Company), the majority shareholder of the referenced hotel, for cash proceeds of $145 million.
“The hotel remains under the management of Four Seasons in which Kingdom Holding holds a 47.5 percent stake,” Prince Alwaleed said in a statement on Wednesday. “We continue to be committed to creating and realizing value in our investments in Egypt.”
Sarmad Zok, Member of KHC’s Board of Directors and Investment Committee and CEO, Kingdom Hotel Investments, commented: “This divestment unlocks significant capital and we will continue to consider the sale of minority stakes to consolidate the portfolio.”
