Jun 10 2012
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KHI Sells its Interest in M?venpick Phuket for $90M
Prince Alwaleed: "This transaction marks yet another success for KHI 's value realization strategy from growth market investments"
Kingdom Hotel Investments ( KHI ), a wholly owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company ( KHC ), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud 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% interest in the Mövenpick Resort & Spa Karon Beach Phuket in Thailand for a gross consideration of $90M. The transaction closed on May 31, 2012.
KHI had sold the Swissôtel Kunshan to TA Global in January 2011, for a gross consideration of approximately $61 million.
Prince Alwaleed commented: "This transaction marks yet another success for KHI 's value realization strategy from growth market investments."
KHI , headquartered in Dubai (UAE), 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.
© Press Release 2012
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