DUBAI Kingdom Hotel Investments is “assessing its options” with regards to its 33% minority stake in Mövenpick Hotels & Resorts, CEO Sarmad Zok tells HOTELS in an exclusive interview.
“We have found that as a result of significant exposures we have across the various management companies we have, in certain cases we may have some duplication,” Zok says. “We are now trying to assess how to minimize the duplications that we have by owning a stake in Mövenpick as well as through the other brands we have a stake in.”
As well as owners of individual hotel assets, KHI currently has ownership stakes in the management companies of Four Seasons, Raffles, Fairmont and Swissôtel, as well as Mövenpick, of which it has been a minority stakeholder for some 10 years.
Without expressly confirming that KHI is looking to exit from its Mövenpick stake, Zok says changes may be on the horizon. “We are looking at how we can possibly utilize the minority stake in a way that it is different than the way we utilize it in the past 10 years,” he says.
Glattbrugg, Switzerland-based Mövenpick includes approximately 70 hotels and more than 17,000 guestrooms across 21 countries in its managed and franchised portfolio.