Movenpick Dubai sold by Kingdom Holding for $95mn
Kingdom Hotel Investments has sold its 100% interest in Movenpick Hotel and Apartments Bur Dubai
Dubai-based Kingdom Hotel Investments (KHI), a subsidiary of Saudi Arabia's 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 $95mn in November this year, it was announced on Sunday.
Commenting on the sale, KHI chairman, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, said: “This transaction marks yet another success for KHC’s value realisation 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, KHI 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.