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Kingdom Hotel Investments sells its interest in Mövenpick Phuket for $90m

Saudi Arabia: Saturday, June 09 - 2012 @ 15:45

KHI had sold the Swissôtel Kunshan to TA Global in January 2011, for a gross consideration of approximately $61m.

Prince Alwaleed commented: “This transaction marks yet another success for KHI’s value realization strategy from growth market investments.”

Mr. Sarmad Zok, Chairman and CEO of KHI and Member of KHC’s Board of Directors commented: “We are delighted to partner with TA Global on yet another successful transaction. The sale of the Mövenpick Phuket further adds to KHI’s orderly value realization and capital redeployment record. The seamless transaction is also testimony to the quality of our assets and our team execution, and an evidence of the buoyant M&A environment in growth markets.”

KHI, headquartered in Dubai (UAE), is the leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa.

The company has ownership interests in 21 properties in 14 countries, including 19 operating hotels and resorts, and two currently under construction.

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Saturday, June 9- 2012 @ 15:45 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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