RIYADH: Kingdom Holding Company (KHC) chaired by Prince Alwaleed bin Talal, has announced the sale of the Fairmont Copley Plaza, Boston, that was fully owned by Fairmont Raffles Holdings International for cash proceeds of $100 million. The hotel remains under the management of Fairmont Raffles.
Prince Alwaleed commented: "We are delighted to realize value of this investment. The hotel remains under the management of Fairmont in which Kingdom Holding holds a stake. We continue to be committed to creating and realizing value in our investments in the United States."
The hotel has been a symbol of Boston's rich history and elegance since its gala opening in 1912, with 383 guestrooms with lavish décor. It remains a major landmark in the city.
Fairmont Raffles is an integral component of KHC's diverse hotel portfolio. Recently, KHC announced an $847 Million Transaction with Qatari Diar involving Fairmont Raffles Holdings International. Under the agreements, Voyager has acquired for a combination of cash and other consideration a 40 percent shareholding in FRHI. In addition, QD Hotel and Property Investment Limited (QDHP) has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel.
© Arab News 2010
