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Tue 10 Jan 2017 05:00 PM

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Saudi's Kingdom sells 100% stake in Accra hotel for $100m

Prince Alwaleed's investment vehicle sells interest in Mövenpick Hotel Ambassador Accra to Mauritius fund

Saudi's Kingdom sells 100% stake in Accra hotel for $100m
Saudi Arabias Kingdom Holding is the investment firm owned by billionaire Prince Alwaleed bin Talal.

Kingdom Holding Company, the investment vehicle of Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has announced that it has sold its 100 percent interest in the Mövenpick Hotel Ambassador Accra in the Ghanaian capital for $100 million.

The Saudi-based company said in a statement that it sold the stake to QG Africa Hotel, a Mauritius-based fund managed by Quantum Global Investments Africa Management Ltd.

Prince Alwaleed said: “This transaction marks yet another success for KHC’s value realisation strategy from growth market investments.

“Kingdom continues to be a stakeholder in this asset through our interest in the management company Mövenpick Hotels & Resorts which will continue to operate the hotel,” he added.

KHC’s hospitality investments include major interests in Four Seasons Hotels and Resorts, AccorHotels and Mövenpick Hotels & Resorts.

This is in addition to a real estate portfolio comprising 15 hotels worldwide including the Four Seasons Hotel George V in Paris, The Plaza in New York and The Savoy in London.

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