The disposal is in line with KHI’s stated strategy on portfolio rationalization and value realisation.
The 200-key Four Seasons Resort Sharm El Sheikh generated hotel Ebitda of $13.8m in 2008. This deal implies an enterprise value for the resort and the ancillary real estate of $178m with a 12.9x multiple on 2008 Ebitda.
Sarmad Zok, CEO said, “I am very pleased with this transaction which was executed in line with our stated strategy and in spite of the challenging environment. This is a strong demonstration of our value realisation model.”
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