UAE-based investment firm Kingdom Holding Company (KHC) has completed the sale of its stakes in the Four Seasons Hotel in Jakarta, Indonesia, and the Movenpick Dar es Salaam in Tanzania for $93m. The transaction was made through KHC unit Kingdom Hotel Investments (KHI) during the fourth quarter of 2011.
KHI held an 82% stake in the Four Seasons property and 96% in the Mövenpick hotel.
KHC head Prince Alwaleed Bin Talal said the transactions mark a step for KHI towards the realisation of the value of the company’s investments. KHI chairman and CEO Sarmad Zok said that the company looks forward to continuing an orderly value realisation strategy into 2012.
KHC’s strategic investments in hotels include the Four Seasons Resort Bali at Sayan, the Four Seasons Resort Bali at Jimbaran Bay, the Raffles Hotel Bali at Jimbaran; and Raffles Jakarta in Indonesia, which is under development.
KHC and Bill Gates’s Cascade Investment each hold a 47.5% stake in Four Seasons Hotels and Resorts, with the remaining 5% owned by Isadore Sharp. KHC also owns a 33.3% stake in Mövenpick Hotels and Resorts and has an ownership interest in seven operating Mövenpick hotels through KHI.
The hotels include Bur Dubai & Residences, Dubai; Mövenpick Mauritius; Karon Beach Resort, Phuket; Mövenpick Beirut; El Qusair, Red Sea Coast; and the Mövenpick Ramallah Hotel in Palestine.
KHI has ownership interests in 22 properties across 15 countries, including 20 operating hotels and resorts.