The recently announced joint venture between Kingdom Hotels International (Kingdom), Fairmont Hotels & Resorts Inc. (Fairmont), and Bank of Scotland Corporate, has completed the purchase of the Monte Carlo Grand hotel in Monaco and the property will be flagged "The Fairmont Monte Carlo" in March 2005. The purchase is the joint venture's first deal after announcing its three-party deal.
The Monte Carlo Grand hotel in Monaco is a 619-room landmark property on one of the most coveted stretches of the Cote d'Azur. The purchase price will not be revealed.
Kingdom, Fairmont, and Bank of Scotland Corporate had announced that they have formed a joint venture to invest in luxury hotels in key European markets.
"Coming on the heels of our agreement to manage London's Savoy Hotel on completion of sale, this agreement marks another important milestone in the global expansion of the Fairmont brand and adds Monte Carlo to our list of world renowned Fairmont hotel destinations," commented William R. Fatt, CEO Fairmont Hotels & Resorts.
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About the Monte Carlo Grand Hotel
Designed to echo the sleek elegance of an ocean liner and architecturally avant garde since it opened in 1975, this modern palace hotel hugs the coastline. One of Europe's best-known and largest convention resorts, the Monte Carlo Grand contains 32,300 square feet of premium function space along with five restaurants and bars, a spa, an outdoor pool with sea views and a newly renovated Fitness Center. The hotel's 619 rooms offer expansive views of the principality or the Mediterranean.
About Kingdom
Kingdom is owned by a trust for the benefit of HRH Prince Alwaleed bin Talal bin AbdulAziz Alsaud and his family. Prince Alwaleed, directly or through trusts and other entities for the benefit of himself and his family, has made substantial investments in multiple sectors including, banking, hotels, media, telecommunications, technology, construction and real estate, entertainment, and upscale fashion, among numerous others. Significant hotel-related investments include interests in Fairmont Hotels and Resorts, Four Seasons Hotels & Resorts, the George V hotel, and M?venpick Hotels and Resorts covering more than 260 hotels throughout the US, the Middle East and Africa. Significant investments in other sectors include interests in Citigroup, News Corp., Time Warner, Motorola, Apple Computers, Ballast Nedam, Canary Wharf, Disneyland Paris, Saks Inc. and Kingdom Centre.
About Fairmont Hotels & Resorts Inc. (Fairmont)
Fairmont is one of North America's leading owner/operators of luxury hotels and resorts. Fairmont's managed portfolio consists of 81 luxury and first-class properties with approximately 33,000 guestrooms in the United States, Canada, Mexico, Bermuda, Barbados and the United Arab Emirates. Fairmont owns Fairmont Hotels Inc., North America's largest luxury hotel management company, as measured by rooms under management, with 44 distinctive city center and resort hotels such as The Fairmont San Francisco, The Fairmont Banff Springs and The Fairmont Scottsdale Princess. Fairmont also owns Delta Hotels, Canada's largest first-class hotel management company, which manages and franchises 37 city center and resort properties in Canada. In addition to hotel management, Fairmont holds real estate interests in 22 properties and an approximate 24% investment interest in Legacy Hotels Real Estate Investment Trust, which owns 24 properties.
About Bank of Scotland Corporate
Bank of Scotland Corporate is part of leading UK financial services group, HBOS plc. It has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. The Bank has established a strong record in funding Joint Ventures. Since setting up its Joint Ventures team in 2000, it has provided total funding of over 10 billion across more than 130 investments. Typically, the Bank invests in vertical (integrated) funding opportunities (i.e. debt plus equity) and weighty equity stakes (typically 25-50%) with the Bank being pro-active in driving value.
For further information contact:
Kingdom Holding Company
Amjed Shacker
+966-1-211-1111
+966-505-442-066
aes@kingdom.net
Press Release 2005
