Kingdom Hotel Investments, the hospitality group backed by Prince Alwaleed bin Talal, will seek as much $350 million in new debt by the end of 2008 amid project cancellations in Asia.
The group is in advanced discussions with various lenders, CEO Sarmad Zok said in a statement received by email on Thursday.
Kingdom said it would not proceed with sales of land the company acquired in Phang Nga in Thailand while at the same time canceling the residential component of a project in Da Nang, Vietnam.
The company has also cancelled a planned expansion of its Four Seasons Hotel in Langkawi, Malaysia because of “cost escalation and overall market conditions”.
Kingdom Hotel Investments posted an eight percent increase in first-half profit.
Headquartered in Dubai, the company has ownership interests in 33 properties in 21 countries including 23 operating hotels and resorts and 10 hotels and resorts currently under construction or in the initial stages of development. KHI is listed on the Dubai International Financial Exchange and London Stock Exchange.
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