By Staff writer
Hotel unit of Prince Alwaleed's investment firm sells stake in Four Seasons Resort to its JV partner
The hotel unit of Saudi Arabia's Kingdom Holding has sold its 50 percent stake in Four Seasons Resort Mauritius to its joint-venture partner Sun Resorts, the investment firm owned by billionaire Prince Alwaleed bin Talal said.
Kingdom Hotel Investments, a wholly owned subsidiary of Kingdom Holding, did not disclose the value of the deal in an emailed statement on Monday.
The Four Seasons Resort Mauritius at Anahita, part of a $200 million mixed-use development project, opened in 2008.
Prince Alwaleed said: “This transaction marks yet another success for KHC’s value realisation strategy from growth market investments. The hotel will remain under the management of Four Seasons Hotels and Resorts.”
Sarmad Zok, chairman and CEO of KHI, added: “We are very pleased to be entering into the transaction described above with our JV partners with whom we have successfully worked to establish this asset as the undisputed market leader in the Mauritian luxury hotel segment.
“We continue to be stakeholders in the asset through Kingdom’s interest in the management company Four Seasons Hotels & Resorts.”
Kingdom Holding owns a 47.5 percent stake in the Four Seasons which is co-owned by Bill Gates’ Cascade with a 47.5 percent stake, and the remaining 5 percent is owned by Isadore Sharp.
Kingdom’s hotel real estate portfolio includes the Four Seasons Hotel George V in Paris, The Plaza in New York, The Savoy in London, Four Seasons Hotel Toronto, Fairmont Hotel San Francisco.For all the latest banking and finance 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.