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Fairmont Raffles Hotels International (FRHI) in which Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, holds a 58.1% controlling interest will manage the Fairmont Marrakech, Morocco, scheduled to open in 2011.

The 190-room resort will be a mix of contemporary and traditional architecture and unique amenities designed to offer its guests a true experience capturing the essence of Marrakech.

The property will feature five food and beverage outlets, 13,000 square feet of banquet and meeting space, including a 4,300 square foot ballroom, and Fairmont Gold, the brand’s exclusive lifestyle offering featuring warm and personalized service with amenities such as a private reception desk and a comfortable guest lounge.

Mr. P. J Shoucair Executive Director for International Investments at KHC commented: “We are very excited about this new resort project in Morocco, under the management of Fairmont. The project will be another landmark in the region.”

The resort will join other hotels in the region including Fairmont Zanzibar, Tanzania; Fairmont Towers Heliopolis, Cairo; Fairmont Mara Safari Club, Kenya and London’s Savoy, reopening in 2009 following an extensive restoration.

Last year, Kingdom Holding announced the sale of Legacy Hotels Real Estate Investment Trust (REIT) for a sale value SR5 billion with sale proceeds of SR740 million going to KHC, 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, Raffles Grand D’Angkor & Le Royal, Cambodia for a sale value SR131 million and the Swissotel Merchant Court, Singapore for a sale value SR573 million.

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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