Kingdom Hotel Investments completes $60.6 million sale deal

Published April 11th, 2011 - 09:12 GMT

Kingdom Tower, a landmark of Riyadh

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Kingdom Hotel Investments (KHI), a subsidiary of the Saudi conglomerate Kingdom Holding Company (KHC), Chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announced the completion of the sale of its 100% interest in the Swissôtel Kunshan, China to TA Global Berhad for $60.6 million. After transaction costs and the repayment of debt, the pre-tax cash proceeds totaled $42.3 million.

Prince Alwaleed commented: “We are delighted to realize value of this investment amid a buoyant transactions environment in growth markets.”

Mr. Sarmad Zok, Chairman & CEO of KHI and Member of KHC’s Board of Directors, commented: “I am very pleased to conclude this transaction and complete a further step in our ongoing strategy of value realization and capital redeployment.”

KHI, headquartered in Dubai (UAE), is a leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia and Africa.