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Tuesday, 24 November 2009 10:33 UAE time

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Saudi Kingdom Holding sells stake in Geneva hotel

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 02 March 2009
ROYAL RETREAT: Kingdom Holding did not name the buyer for its 50 percent stake. (Getty Images)
ROYAL RETREAT: Kingdom Holding did not name the buyer for its 50 percent stake. (Getty Images)

Kingdom Holding ocontrolled by Saudi royal Prince Alwaleed bin Talal, has netted 225m Saudi riyals ($60m) in cash proceeds from the sale of its stake in a Four Seasons' hotel in Geneva, it said on Monday.

"The sale of the Hotel des Bergues comes in line with Kingdom Holding's active management of hotel assets," the company said in a statement.

The firm did not name the buyer for its 50 percent stake.

The hotel remains under the management of Four Seasons in which Kingdom Holding holds a 47.5 percent stake, the company said. (Reuters)

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