Jun 23 2010 |
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Lebanese President Michel Suleiman & Prince Alwaleed Inaugurate Four Seasons Hotel, Beirut
Prince Alwaleed: "Our support of Lebanon on the economic, social & philanthropic fronts is unwavering"
HE President Michel Suleiman, HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company ( KHC ) HE Nabih Barri, Speaker of Parliament, HE Prime Minister of Lebanon, Sheikh Saad Ed Deen Rafiq Hariri inaugurate the Four Seasons Hotel , Beirut Tuesday 22nd June, 2010. The Hotel is managed by Four Seasons Hotels and Resorts, in which KHC , holds a 47.5% stake.
To mark the occasion, Prince Alwaleed gave a speech in which he addressed the President and his distinguished guests. Following the speech, the three leaders and HRH unveiled the plaque during the prestigious ceremony. The event was attended by Members of the Lebanese Parliament, Members of the Council of Ministers, the Diplomatic Corps, other dignitaries, the media, H.E. Ms. Leila El Solh, Vice Chairman of Alwaleed Bin Talal Humanitarian Foundation in Lebanon, business people, investors from the GCC, and a delegation from Kingdom Holding Company .
Prince Alwaleed commented: "Our support for Lebanon on the economic, social and philanthropic fronts is unwavering. We are proud to announce the opening of the FS Hotel, Beirut. This prestigious hotel is another landmark in the region. Beirut is currently one of the most attractive locations for tourism in the region. Lebanon is witnessing economic stability and is attracting global investors."
Mr. Sarmad Zok, Chief Executive Officer of KHI commented: "Beirut is a particularly exciting market for us and we believe that this hotel has already redefined the luxury market in Lebanon. Lebanon is a vibrant market that continues to be characterized by high barriers to entry. We expect the Four Seasons Beirut to provide us with attractive returns on capital in line with our targets."
The Four Seasons Beirut is a five-star luxury hotel, located on the corniche in central Beirut and directly opposite the new Solidere marina facilities. The hotel comprises a 120 meters high rise tower with views across the Mediterranean coastline and the mountains. The hotel has over 47,671 square meters of total built up area.
The hotel comprises 230 guest rooms and suites, four food outlets, a ballroom, a business centre with five meeting rooms and a spa and health club, which includes a rooftop swimming pool.
Kingdom Hotel 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. KHI has a controlling 38% equity ownership in the Four Seasons Hotel Beirut.
KHI has a balanced portfolio of hospitality assets in upscale, upper-upscale and luxury market segments. The company's portfolio currently includes six Four Seasons hotels across Europe, Middle East, North Africa and Asia. The company has ownership interests in 27 properties in 19 countries, including 23 operating hotels and resorts, and four hotels and resorts currently under construction.
Four Seasons Hotels and Resorts is co-owned by Bill Gates' Cascade in which the company also holds a 47.5% stake, and 5% of the Four Seasons is owned by Isadore Sharp founder of the Four Seasons.
The Prince's other investments in Lebanon through Kingdom Holding includes the Movenpick Beirut in the hotels sector, and in the financial sector through Citigroup. HRH's private assets and investments in the media sector in Lebanon include Rotana and LBC, and various Lebanese newspapers.
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© Press Release 2010
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