Saudi prince sells IHG hotel for $35.9m

Arabian Business staff writer, April 24th, 2016

KSA's Kingdom Hotel Investments (KHI) has sold its 100% interest in the InterContinental Hotel Lusaka, Zambia, reports Arabian Business.

KHI is a wholly-owned subsidiary of the Saudi conglomerate Kingdom Holding Company, chaired by Saudi royal, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud.

KHI has sold the property to QG Africa Hotel, a Mauritius-based fund managed by QG Investments Africa Management for a gross consideration of US $35.9 million.

Prince Alwaleed said: "This transaction marks yet another success for KHC's value realization strategy from growth market investments."

Sarmad Zok, chairman and CEO of KHI, added: "The sale of the InterContinental Hotel Lusaka is part of KHI's ongoing value realization mandate and speaks to the quality of our assets and our team execution."

KHI has major interests in luxury hotel management companies Four Seasons Hotels and Resorts, FRHI Hotels & Resorts, and Mövenpick Hotels & Resorts, and a real estate portfolio comprising 18 hotels worldwide.

These hotels include the Four Seasons Hotel George V in Paris, The Plaza in New York, The Savoy in London, and the Four Seasons Hotel Toronto.

Last year, KHI announced the sale of its 75 percent interest in the Fairmont Mount Kenya Safari Club for $18 million.