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Thu 26 Jul 2007 09:11 AM

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Prince Alwaleed buys Four Seasons Jakarta

Saudi billionaire snaps up hotel for $48mn to boost Kingdom Hotel Investments' portfolio in Asia.

Prince Alwaleed bin Talal’s Kingdom Hotel Investments (KHI) has acquired the 365-room Four Seasons Hotel Jakarta for $48 million, it said today.

The acquisition is the Saudi billionaire’s first in Indonesia and is part of KHI’s investment and diversification strategy in high growth emerging markets. KHI will own an 81.9% stake in the hotel.

The deal expands KHI’s investments in Asia to nine properties in seven countries, and comes just over a week after the group paid $35 million for Raffles Hotel Le Royal in Cambodia's capital Phnom Penh and the Raffles Grand Hotel d'Angkor in Siem Reap.

“We continue to see considerable potential and opportunity in the Asian region and are delighted to be announcing today our first investment in the rapidly growing Indonesian hotel market,” said Prince Alwaleed.

KHI owns interests in 37 properties in 21 countries globally, of which 14 hotels and resorts are currently under construction or undergoing a substantial renovation or expansion.

KHI is listed on the Dubai and London stock exchanges.

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