Kingdom Hotel offloads Egyptian investment

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PRINCE ALWALEED: Saudi billionaire offloads, through control of Kingdom, stake in Egyptian hotel resort. (Getty Images)

Kingdom Hotel Investments, controlled by Saudi billionaire Prince Alwaleed bin Talal, said on Tuesday it has sold its 39.3 percent stake in a hotel resort on Egypt's Red Sea coast for $70 million.

Kingdom Hotel, a Dubai-based hotel and resort real-estate company, said it sold the stake in Four Seasons Sharm El Sheikh.

Egyptian property developer Talaat Moustafa later said it had bought the stake in the hotel for $57 million, adding it already owns some one million square metres adjacent to the hotel.

Talaat Moustafa also paid $13 million in dividends to Kingdom Hotel and said it now owns 100 percent of Four Seasons Sharm El Sheikh.

Kingdom Hotel, a subsidiary of Kingdom Holding Co, owns hotels managed by chains such as Fairmont Hotels, and has focused its business on emerging markets. (Reuters)

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