Saudi Arabian investment firm Kingdom Holding has sold its stake in the Four Seasons Hotel in Beirut for around US $100-115 million including debt, according to Reuters.
HotelierMiddleEast.com previously reported that Kingdom Holding Company (KHC), the investment vehicle of Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has reportedly put two of its luxury Lebanese hotels on sale in Beirut. The hotels according to The Daily Mail are Four Seasons hotel and Movenpick hotel in Beirut.
Sources have told Reuters the hotel had been up for sale for a long time and was not linked to the detention in November of Kingdom Holding’s billionaire chairman, Prince Alwaleed bin Talal, in a Saudi government anti-corruption drive.
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Four Seasons will continue to operate the hotel.
Kingdom Holding Company (KHC), the investment vehicle of Saudi billionaire Prince Alwaleed recently sold its 90% stake in the Four Seasons Resort Langkawi, Malaysia. Based in Riyadh, KHC also holds interests in marquee properties such as the George V in Paris, the Plaza Hotel in New York and London’s Savoy Hotel. Its global hotel brands include the Four Seasons, Fairmont Raffles, Movenpick, Swissotel and Accor.
Riyadh's five star Ritz-Carlton hotel, which recently housed US President Donald Trump, is currently being used to accommodate detained Saudi princes, according to reports in The New York Times. The group reportedly includes military officials and government ministers and princes, among them Prince Alwaleed bin Talal.