Saudi's KHI sells stake in Movenpick Bur Duabi

Saudi Arabia’s Kingdom Hotel Investments, a subsidiary of Kingdom Holding Company has sold its 100% interest in Movenpick Hotel and Apartments Bur Dubai.

The group sold its stake to a UAE-based investment company for US $95 million in November this year.

Commenting on the sale, KHI chairman His Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud said: “This transaction marks yet another success for KHC’s value realization strategy from growth market investments.”

KHI CEO and chairman Sarmad Zok added: “The sale of the Mövenpick Hotel and Apartments Bur Dubai is a testament to the economic robustness of Dubai and to the buoyant M&A environment in the hospitality sector here.

“This transaction adds to KHI’s orderly value realisation and capital redeployment record and speaks to the quality of our assets and our team execution.”

Headquartered in Dubai’s is a hotel and resort acquisition and development company focused on emerging markets such as the Middle East, Asia, and Africa.

KHC’s portfolio includes major interests in Four Seasons Hotels and Resorts, Fairmont Raffles Holding International, and Swissotel. The group’s hotel real estate investments in 22 properties globally include, George V Hotel in Paris, The Plaza in New York, Savoy Hotel in London, Four Seasons Hotel in Toronto and the Fairmont Hotel in San Francisco.