RIYADH: Kingdom Hotel Investments (KHI) chaired by Prince Alwaleed bin Talal has announced the sale of its 39.3 percent stake in the Four Seasons Resort at Sharm El-Sheikh, Egypt, for $70 million. This deal implies an enterprise value for the resort and the ancillary real estate of $178 million. The disposal is in line with KHI’s strategy on portfolio rationalization and value realization. The hotel remains under the management of Four Seasons in which Kingdom Holding holds a 47.5 percent stake and is co-owned by Bill Gates’ Cascade in which the company holds a 47.5 percent stake while 5 percent of the Four Seasons is owned by Isadore Sharp.
Sarmad Zok, CEO, said: “I am very pleased with this transaction which was executed in line with our stated strategy and in spite of the challenging environment. This is a strong demonstration of our value realization model.”