DUBAI, 5 March 2008 — Kingdom Hotel Investments, controlled by Saudi Prince Alwaleed ibn Talal, said profit last year fell 20 percent after one-off credit gain a year earlier.
Kingdom, which owns 35 hotels and resorts in 21 countries, made $34.1 million in the year to Dec. 31, compared with $42.8 million in 2006, Kingdom Hotel said in a statement.
Kingdom - which owns hotels managed by chains such as Four Seasons, Fairmont Hotels and Movenpick - said revenue grew 80 percent to $178.6 million as it expanded into Asia.
The firm made eight acquisitions in 2007 and plans to renovate or open hotels in six locations, including Beirut, Dubai, Kenya, Mauritania and Zambia this year, it said.
Kingdom lists its shares on the Dubai International Financial Exchange and global depositary receipts in London.
