ArabianBusiness.com
Monday, 26 May 2008
Saudi Arabia
Fairmont Raffles Hotels International in which Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, holds a 58.1% controlling interest, has sold the Raffles Grand D' Angkor & Le Royal, Cambodia for a sale value SR131 million.
The Raffles Grand D' Angkor is a 131 room hotel in Siem Reap and Le Royal is a 170 room hotel located in Phnom Penh. These two hotels were acquired by Kingdom Hotel Investments (KHI), a company also owned 54% by KHC and chaired by HRH.
Mr. PJ Shoucair Executive Director for International Investments at KHC commented: "The sale of these hotels to Kingdom Hotel Investments, KHC's listed hotel vehicle, is in line with KHI's strategy of owning hotels in emerging markets, and realizing significant value over time."
Last year, Kingdom Holding announced the sale of Swissotel Sydney in Australia for a sale value SR281 million, re-financing of the Four Seasons George V hotel in Paris with net cash proceeds valued at SR285 million going to KHC, the re-financing of the Hotel des Bergues, Geneva in the amount of SR375 million and announced the sale of the Four Seasons Hotel, London for SR550 million.
This year KHC announced that it had completed the sale of the Monte Carlo Grand Hotel in Monaco with proceeds valued at SR150 million going to KHC. In 2006 Kingdom and Colony completed a $5.5 billion Acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group.
Monday, 26 May 2008
Saudi Arabia
Fairmont Raffles Hotels International in which Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, holds a 58.1% controlling interest, has sold the Raffles Grand D' Angkor & Le Royal, Cambodia for a sale value SR131 million.
The Raffles Grand D' Angkor is a 131 room hotel in Siem Reap and Le Royal is a 170 room hotel located in Phnom Penh. These two hotels were acquired by Kingdom Hotel Investments (KHI), a company also owned 54% by KHC and chaired by HRH.
Mr. PJ Shoucair Executive Director for International Investments at KHC commented: "The sale of these hotels to Kingdom Hotel Investments, KHC's listed hotel vehicle, is in line with KHI's strategy of owning hotels in emerging markets, and realizing significant value over time."
Last year, Kingdom Holding announced the sale of Swissotel Sydney in Australia for a sale value SR281 million, re-financing of the Four Seasons George V hotel in Paris with net cash proceeds valued at SR285 million going to KHC, the re-financing of the Hotel des Bergues, Geneva in the amount of SR375 million and announced the sale of the Four Seasons Hotel, London for SR550 million.
This year KHC announced that it had completed the sale of the Monte Carlo Grand Hotel in Monaco with proceeds valued at SR150 million going to KHC. In 2006 Kingdom and Colony completed a $5.5 billion Acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group.
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