KINGDOM Hotel Investments (KHI), a wholly owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has sold its 75% interest in the Fairmont Mount Kenya Safari Club to a private Kenyan company for a gross consideration of $18 million. The transaction closed on Sept. 1, 2015.
Prince Alwaleed commented: "This transaction marks yet another success for KHC's value realization strategy from growth market investments. The hotel will remain under the management of Fairmont Hotels & Resorts." Sarmad Zok, chairman and CEO of KHI and member of KHC's board of directors, commented: "The sale of Fairmont Mount Kenya Safari Club adds to KHI's orderly value realization and capital redeployment record and speaks to the quality of our assets and our team execution."
Zok added, "We continue to be stakeholders in the asset through Kingdom's interest in the management company FRHI." For over two decades, Kingdom has been a leading player in the global hospitality industry. In addition to its ownership stake in FRHI Hotels & Resorts -- which in turn comprises the Fairmont, Raffles, and Swissôtel brands -- KHC holds significant interests in industry-leading luxury hotel management companies Four Seasons Hotels and Resorts and Mövenpick Hotels & Resorts. KHC's hotel real estate portfolio comprises 20 owned hotels in 14 countries including the Four Seasons Hotel George V in Paris, The Plaza New York, The Savoy London, the Four Seasons Hotel Toronto, Fairmont San Francisco and other leading hotels across the Middle East, Asia, and Africa.
© The Saudi Gazette 2015
