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Jun 10 2012

KHI Sells its Interest in M?venpick Phuket for $90M

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."

Mr. Sarmad Zok, Chairman and CEO of KHI and Member of KHC 's Board of Directors commented: "We are delighted to partner with TA Global on yet another successful transaction. The sale of the Mövenpick 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 (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.

The company has ownership interests in 21 properties in 14 countries, including 19 operating hotels and resorts, and two currently under construction.

© Press Release 2012


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