RIYADH, 31 July 2007 — Kingdom Hotel Investments (KHI), a major international hotel and resort investment company chaired by Prince Alwaleed bin Talal and the emerging market hotel investment vehicle of Kingdom Holding Company, yesterday announced the acquisition of the Fours Seasons Hotel Jakarta for $48 million. The acquisition is KHI’s first in Indonesia and reflects the group’s investment and diversification strategy in high growth emerging markets.
The hotel opened in 1995 as the Regent Jakarta and, following a substantial refurbishment, was reopened in July 2004 as the re-branded Four Seasons Hotel Jakarta. It is located in the heart of Jakarta’s Golden Business Triangle, the commercial, political and cultural hub of Indonesia. This 365-room hotel is one of the most established hotels in the region. It has good access to the international airport and city attractions such as the National Monument.
This transaction further expands KHI’s portfolio in Asia to nine properties in seven countries, which now includes the Indonesian hotel market, a market showing real signs of recovery and development, fueled by economic growth and increase in travel and tourism to the region.
KHI will own an 81.9 percent stake in the hotel.
Prince Alwaleed said: “We continue to see considerable potential and opportunity in Asian region and are delighted to announce our first investment in the rapidly growing Indonesian hotel market.”
Sarmad Zok, CEO, KHI, said: “The timing of this acquisition reflects the company’s ability to acquire existing assets with growth perspective, which in this case will be driven by the market and KHI’s active asset management. The Four Seasons Hotel Jakarta is one of the most established hotels in Jakarta with a strong banquet and conference business in a market of high corporate demand. It is in a very central location close to demand generators and will launch KHI into another dynamic, emerging market territory.”
