By Rob Corder
Prince Alwaleed's Kingdom Hotel Investments splashes $35 million on two Raffles hotels in Cambodia.
Saudi Arabian billionaire Price Alwaleed bin Talal has made his first hotel acquisitions in Cambodia.
The Prince's Kingdom Hotel Investments (KHI) has paid $35 million for Raffles Hotel Le Royal in Cambodia's capital Phnom Penh and the Raffles Grand Hotel d'Angkor in Siem Reap.
The deal will see KHI own the properties and businesses, but the day-to-day running of the hotels will continue to be handled by Raffles.
With the new acquisitions, KHI now owns 22 operating hotels and has a further 14 in development. The portfolio includes Fairmont/Raffles, Four Seasons and Movenpick hotels in 20 countries spanning the globe from Morocco to the Philippines.
Prince Alwaleed has shown an appetite for investing in emerging markets such as Jordan, Syria, Tanzania and Zambia. Cambodia follows the trend, with travel experts predicting that it will boom in the coming years in the way that Vietnam expanded during the past 15 years.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.