Kingdom Hotel Investments (KHI), a subsidiary of Saudi conglomerate Kingdom Holding Company (KHC), has completed the sale of the Swissôtel Kunshan, China to TA Global Berhad for US $60.6 million.
Chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, the company had a 100% share of the hotel and after transaction costs and the repayment of debt, the pre-tax cash proceeds totalled $42.3million.
"We are delighted to realise value of this investment amid a buoyant transactions environment in growth markets," Prince Alwaleed commented.
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Chairman & CEO of KHI and member of KHC's board of directors Sarmad Zok said: "I am very pleased to conclude this transaction and complete a further step in our ongoing strategy of value realization and capital redeployment".
KHI, headquartered in Dubai (UAE), is an international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia and Africa.
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