KHI sells interest in Movenpick Phuket for $ 90 m

Kingdom Hotel Investments (KHI) has signed a deal to sell its interest in Movenpick Resort & Spa Karon Beach Phuket in Thailand.
KHI, a wholly owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, signed the agreement with Crystal Caliber Sdn Bhd, a wholly owned subsidiary of Malaysia based TA Global Bhd, concerning the sale of KHI's 100 percent interest in Movenpick Phuket for a gross consideration of $ 90 million.
The transaction closed on May 31.
KHI had sold the Swissotel Kunshan to TA Global in January 2011, for a gross consideration of around $61 million.
Prince Alwaleed said: "This transaction marks yet another success for KHI's value realization strategy from growth market investments."
Sarmad Zok, chairman and CEO of KHI and member of KHC's Board of directors, commented: "We are delighted to partner with TA Global on yet another successful transaction."
He added: "The sale of the Movenpick Phuket further adds to KHI's orderly value realization and capital redeployment record. The seamless transaction is also testimony to the quality of our assets and our team execution, and an evidence of the buoyant M&A environment in growth markets."
KHI, 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 21 properties in 14 countries, including 19 operating hotels and resorts, and two currently under construction.