Prince Alwaleed 'delighted' with Swissotel sale

Kingdom Hotel Investments has completed the sale of the Swissôtel Kunshan, China to TA Global Berhad for $60.6m
Prince Alwaleed 'delighted' with Swissotel sale
By Staff writer
Mon 11 Apr 2011 11:58 AM

Kingdom Hotel Investments (KHI), a subsidiary of Saudi
conglomerate Kingdom Holding Company (KHC),  has completed the sale of
the Swissôtel Kunshan, China to TA Global Berhad for $60.6m.

Chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, the
company had a 100% share of the hotel and after transaction costs and
the repayment of debt, the pre-tax cash proceeds totalled $42.3m.

"We are delighted to realise value of this investment amid a buoyant
transactions environment in growth markets," Prince Alwaleed commented.

Chairman & CEO of KHI and member of KHC's board of directors
Sarmad Zok said: "I am very pleased to conclude this transaction and
complete a further step in our ongoing strategy of value realization
and capital redeployment".

KHI, headquartered in Dubai (UAE), is an international hotel and
resort acquisition and development company focused on high growth
emerging markets such as the Middle East, Asia and Africa.

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