Jun 10 2012 |
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KHI sells interest in Movenpick Phuket
RIYADH - Kingdom Hotel Investments ( KHI ), a wholly-owned subsidiary of Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has signed an agreement with Crystal Caliber Sdn Bhd, a wholly-owned subsidiary of Malaysia based TA Global Bhd, concerning the sale of KHI 's 100 percent interest in the Movenpick Resort & Spa Karon Beach Phuket in Thailand for a gross consideration of $90 million. The transaction closed May 31, 2012.KHI had sold the Swissôtel Kunshan to TA Global in January 2011 for a gross consideration of approximately $61 million.
Alwaleed said: "This transaction marks yet another success for KHI 's value realization strategy from growth market investments."
Sarmad Zok, Chairman and CEO of KHI , and a member of KHC's Board of Directors, said: "We are delighted to partner with TA Global on yet another successful transaction. The sale of the M?venpick Phuket further adds to KHI 's orderly value realization and capital redeployment record. The seamless transaction is also testimony to the quality of our assets and our team execution, and an evidence of the buoyant M&A environment in growth markets."
KHI , headquartered in Dubai, is the leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa.
The company has ownership interests in 21 properties in 14 countries, including 19 operating hotels and resorts, and two currently under construction.
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