Saudi Prince Al-Waleed meets with world's top hoteliers
The world’s top hoteliers sat down with the Arab world’s top hotel investor to talk strategy, and expansion. Saudi Prince Al-Waleed Bin Talal separately met with the Chairman and CEO of Four Seasons Hotels and Resorts Isadore Sharp, and Chairman and CEO of Fairmont Hotels and Resorts Bill Fatt.
Sharp discussed 2003 performance with investor Prince Al-Waleed. They both reviewed a proposal to develop a Four Seasons in Orlando, Florida and potential new management deals for the luxury chain.
They both reviewed the successful achievements of Four Seasons Resorts & Hotels in Europe and the Middle East. The company was chosen as the best hotel company in the world, and George V Hotel in Paris, which is owned by the Prince through entities controlled by his family, topped the list of the best hotel in the world. Also, Four Seasons Sharm El-Sheikh won the best resort.
Through Kingdom Hotel Investment Group Company (KHI) Four Seasons has entered the Middle Eastern market with a total of ten hotels that are either operational or still under development. Through entities controlled by Al-Waleed and his family, the Prince owns a substantial stake in Four Seasons Hotels and Resorts of about 25 percent. Prince Al-Waleed owns 50 percent of The Plaza Hotel, the best business hotel in northern America, which is managed by Fairmont.
A second meeting between Fatt and Prince Al-Waleed reviewed the 2003 results and plans for 2004. Both Fatt and the Prince expect to see a big operating recovery in 2004. Fairmont Hotels and Resorts plans to break into Europe during 2004 with a strategy of acquiring rather than building hotels. The Prince owns through entities controlled by him five percent of the Fairmont Hotels and Resorts which operates a hotel in Dubai and a hotel in Abu Dhabi that is under development. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
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