Kingdom Hotel Investments has bought two Cambodian hotels from Raffles Holdings in a $35 million deal.
Dubai-based KHI, backed by Saudi Prince Alwaleed bin Talal, bought the Raffles Hotel Le Royal in Phnom Penh, and the Raffles Grand Hotel d’Angkor in Siem Reap, in a bid to tap emerging markets and offset the impact of conflict on Middle Eastern properties in countries like Egypt and Lebanon.
Singapore-based Raffles will continue to manage the hotels.
With the new acquisitions, KHI now owns 22 operating hotels and has a further 14 in development in 20 countries including Morocco, Jordan, Syria, Tanzania and Zambia.
By Elizabeth Clifford-Marsh