Saudi Arabia’s Prince Alwaleed bin Talal, part owner of Mövenpick and Four Seasons hotels in Lebanon, has put the properties up for sale, according to news reports.
The prince was among 11 princes and 38 government ministers arrested and detained in Saudi Arabia recently amid an anti-corruption sweep. Crown Prince Mohammed bin Salman, appointed to the role in June, initiated the sweep.
According to Lebanon’s Daily Star newspaper, a bank in Lebanon was performing due diligence on the assets, partly owned by Alwaleed’s Kingdom Holding Co. Other reports suggest that the Four Seasons Hotel Beirut could be sold for US$110 million, a lowball price on the landmark, 300-room hotel.
Kingdom also owns the Savoy in London, which could be caught up in the moves: The Saudi information ministry said the government would seize any asset or property related to the alleged corruption and “will be registered as state property,” a spokesman was quoted as saying.
The detainees were being held in hotels in Riyadh. Prince Alwaleed reportedly was being held at the city’s Ritz-Carlton.