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Sat 17 Dec 2011 05:48 PM

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Kingdom Holding opens $164m hotel in Morocco

Chairman Prince Alwaleed inaugurates the Four Seasons Hotel in Marrakech

Kingdom Holding opens $164m hotel in Morocco
Prince Alwaleed, chairman of Kingdom Holding Company

Saudi Arabia's Kingdom Holding said on Saturday it had opened its $164m Four Seasons Hotel in Morocco.

Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom, inaugurated the hotel during a visit to Marrakech, a statement said.

Prince Alwaleed said: "This is another important achievement for Kingdom Holding Company."

The hotel construction cost was $164m, the statement said, adding that all 40 villas adjacent to the hotel were sold earlier this year.

The Prince's investments in Morocco through Kingdom Holding Company also includes other hotels under construction that will be managed by companies in which Kingdom holds an interest such as Fairmont and Movenpick, the statement said.

The Four Seasons Hotel, Marrakech is under the management of Four Seasons in which Kingdom holds a 47.5 percent stake and is co-owned by Bill Gates' Cascade in which the company also holds a 47.5 percent stake.

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