JEDDAH -- Fairmont Raffles Hotels International in which Kingdom Holding Company (KHC) chaired by Prince Alwaleed bin Talal holds a 58.1 percent controlling interest has sold the Swissotel Merchant Court, Singapore, for a sale value of SR573 million. The Swissotel Merchant Court is a 476-room hotel located near the banks of the Singapore River.
Commenting on the development, P.J. Shoucair, executive director for international investments at KHC, said: "The sale of this hotel is in line with KHC's strategy to continue to realize value from hotel assets either through a sale or aggressive operational and financial management across KHC's hotel portfolio."
Last year, Kingdom Holding announced the sale of Swissotel Sydney in Australia for a sale value SR281 million; re-financing of the Four Seasons George V hotel in Paris with net cash proceeds valued at SR285 million going to KHC; the re-financing of the Hotel des Bergues, Geneva at SR375 million; and the sale of the Four Seasons Hotel, London for SR550 million.
This year KHC announced that it had completed the sale of the Monte Carlo Grand Hotel in Monaco with proceeds valued at SR150 million going to KHC.
In 2006, Kingdom and Colony completed a $5.5 billion Acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group.
© Arab News 2008
