Alwaleed's Kingdom sells luxury Mauritius hotel

Hawaii-based Outrigger Hotels and Resorts has announced that it has purchased the 181-key Moevenpick Resort and Spa Mauritius from Dubai-based Kingdom Hotel Investments.

The hotel unit of Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding closed the transaction on May 29 for an undisclosed amount, a statement said.

Separately, Kingdom Holding Co said in a bourse statement on Saturday that the deal was worth SR150m ($40m).

“This acquisition marks the exciting new expansion of Outrigger into the Indian Ocean,” said David Carey, president and chief executive officer at Outrigger Enterprises Group.

“We plan to have Outrigger resorts in the best beachfront locations in the best resort destinations in the Asia-Pacific region,” he said.

The property closed on May 29 for an extensive six-month renovation that will touch all guest rooms, public areas and grounds.

The hotel will reopen by the end of the year as the Outrigger Mauritius Resort and Spa, the statement added.

The deal follows a report earlier this month that Kingdom Holding, Alwaleed's investment vehicle, has asked investment banks to identify possible acquisition targets around the world.

Kingdom Holding, which went public in 2007, has a market value of around $17bn, making it one of the largest listed investment firms in the Middle East.

Alwaleed, a nephew of King Abdullah, has also moved to divest some of his investments in real estate and hotels in recent months, and said he plans to sell 20-30 more hotels in Africa, the Middle East and Asia in the next two years.