CEO says company, which has stakes in 27 hotels, is assessing its options.
Kingdom Hotel Investments, the lodging company controlled by Saudi Prince Alwaleed bin Talal, plans to consolidate its portfolio after the company delisted on Nasdaq Dubai this month.
“We are basically assessing our options,” Sarmad Zok, chief executive officer, said on Wednesday in an interview in Beirut. “We are going to consolidate the portfolio and try and see what sort of synergies we can extrapolate from the portfolio that we have and other stuff that the prince has.”
Kingdom owns stakes in 27 hotel properties across 19 countries in the Middle East, Asia and Africa, according to its website. This includes 23 operating hotels and resorts, and four under construction or in the initial stages of development. Kingdom has no plans to carry out any acquisitions at the moment, Zok said.
“We really don’t have any stated targets right now with capital deployments on expansion,” said Zok. (Bloomberg)For all the latest Saudi Arabia 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.