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Kingdom Hotel Investments sells Swissôtel Kunshan for $61m

United Arab Emirates: Tuesday, February 01 - 2011 @ 15:58

Prince Alwaleed commented: “We are delighted to realize value of this investment amid a buoyant transactions environment in growth markets.”

Mr. Sarmad Zok, Chairman & CEO of KHI and Member of KHC’s Board of Directors, commented: “I am very pleased with this transaction which is executed in line with our stated strategy of value realization. This divesture unlocks significant capital and we will continue to consider the sale of other assets as part of our capital allocation strategy.”

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 23 properties in 17 countries, including 19 operating hotels and resorts, and four hotels and resorts currently under construction.

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Tuesday, February 1- 2011 @ 15:58 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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