Fairmont Raffles Hotels International (FRHI) in which Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, holds a 58.1% controlling interest announced the reopening of The Plaza, one of New York's most distinctive landmarks. The hotel underwent a $400 million renovation, and is owned 50% by KHC.
The ultimate luxury lifestyle destination, the new Plaza features lavish hotel rooms, private residences, destination restaurants, an exclusive retail collection, and state-of-the-art meeting and event spaces. The Plaza offers 282 guestrooms and suites, including 102 elegant suites in seven distinct designs and a five star service. Each room and suite has been designed to reflect the grace of a glorious past, and updated with contemporary conveniences.
Mr. P. J Shoucair Executive Director for International Investments at KHC commented: "We are very excited at the opening of the new Plaza Hotel after an extensive renovation. The Plaza was and will continue to be a landmark hotel in New York City, under the management of Fairmont."
Last year, Kingdom Holding announced that Fairmont will manage the Fairmont Haitang Bay Resort, Sanya, China scheduled to open in 2011. In 2007, the Company announced the sale of Legacy Hotels Real Estate Investment Trust (REIT) for a sale value SR5 billion with sale proceeds of SR740 million going to KHC, 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 in the amount of SR375 million and announced 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, Raffles Grand D' Angkor & Le Royal, Cambodia for a sale value SR131 million and the Swissotel Merchant Court, Singapore for a sale value SR573 million.
In 2006 Kingdom and Colony completed a $5.5 billion Acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group.
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© Press Release 2009
