“We are delighted to realize value of this investment amid a buoyant transactions environment in growth markets,” said Prince Alwaleed.

“I am very pleased with this transaction which is executed in line with our stated strategy of value realization. This divesture unlocks significant capital and we will continue to consider the sale of other assets as part of our capital allocation strategy,” said Sarmad Zok, chairman & CEO of KHI and a member of KHC’s board of directors.

KHI, which is headquartered in Dubai, is the leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia and Africa.

The company has ownership interests in 23 properties in 17 countries, including 19 operating hotels and resorts, and four hotels and resorts that are currently under construction.