Kingdom Hotel Investments (KHI), a wholly owned subsidiary of Kingdom Holding Company (KHC), chaired by Saudi Prince Alwaleed bin Talal, in the fourth quarter of 2011 completed the sale of its 82% stake in the Four Seasons Hotel Jakarta and 96% share of the Mövenpick Dar es Salaam in Tanzania. The two deals generated US$93 million.
Sarmad Zok, chairman and CEO of KHI and a member of KHC’s board of directors commented: “We are delighted to realize value from our investments. This is a measure of performance and the ultimate reward to our shareholders. Whereas M&A transaction volumes have been thin globally, KHI’s active monetization program is a testimony to the quality of its assets and team execution. We look forward to continuing an orderly value realization strategy into 2012.”
Kingdom Hotel Investments has ownership interests in 22 properties in 15 countries, including 20 operating hotels and resorts.