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Sun 27 May 2012 12:41 PM

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Alwaleed sells San Francisco Fairmont for US$200m

Prince's Kingdom Holding retains 28 percent stake in 591-room property

Alwaleed sells San Francisco Fairmont for US$200m

Prince Alwaleed Bin Talal's Kingdom Holding Company, sold the Fairmont San Francisco Hotel for about US$200m to a group of companies led by an affiliate of Oaktree Capital Management and real estate investor Michael Rosenfeld and his Woodridge Capital Partners.

KHC said it retained a 28 percent stake in the 591-room hotel which will continue to be managed by the Canadian-based Fairmont Hotels & Resorts.

KHC owns a stake of 35 percent in Fairmont Hotels and Resorts. In 2006, KHC and Colony completed the acquisition of Fairmont Hotels and Resorts which was combined with the Raffles Hotels Group