Kingdom Hotel offloads Egyptian investment

Hotel and real estate company raises cash from Egyptian hotel resort stake.
Kingdom Hotel offloads Egyptian investment
By Dania Saadi
Wed 06 May 2009 01:45 AM

Kingdom Hotel Investments, controlled by Saudi billionaire Prince Alwaleed bin Talal, said on Tuesday it has sold its 39.3 percent stake in a hotel resort on Egypt's Red Sea coast for $70 million.Kingdom Hotel, a Dubai-based hotel and resort real-estate company, said it sold the stake in Four Seasons Sharm El Sheikh.

Egyptian property developer Talaat Moustafa later said it had bought the stake in the hotel for $57 million, adding it already owns some one million square metres adjacent to the hotel.

Talaat Moustafa also paid $13 million in dividends to Kingdom Hotel and said it now owns 100 percent of Four Seasons Sharm El Sheikh.

Kingdom Hotel, a subsidiary of Kingdom Holding Co, owns hotels managed by chains such as Fairmont Hotels, and has focused its business on emerging markets. (Reuters)

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