Kingdom Hotel Investments (KHI), a wholly-owned subsidiary of Kingdom Holding Company (KHC) has completed the sale of its stakes in the Four Seasons Hotel, Jakarta in Indonesia and the Movenpick Dar es Salaam in Tanzania in two transactions in the fourth quarter of 2011, a press statement of the Company said here Saturday. According to the statement, the transactions are valued at a consideration of $93 million. KHI's ownership in the Four Seasons Hotel was 82% while as it was 96% in the M?venpick Royal Palm. Commenting on the sale, Prince Alwaleed Bin Talal who head the KHC said: “The transactions mark yet another step for KHI towards the realization of the value of its investments.” Sarmad Zok, chairman and CEO of the KHI said he was buoyed over the transaction. “This is a measure of performance and the ultimate reward to our shareholders,” he said. “Whereas M&A transaction volumes have been thin globally, KHI's active monetization program is a testimony to the quality of its assets and team execution.” He was optimistic about an orderly value realization strategy into 2012.” KHC's investments in Indonesia are dealt by Citigroup in the financial sector. Investments in hotels include Four Seasons Resort Bali at Sayan, Four Seasons Resort Bali at Jimbaran Bay, Raffles Hotel Bali at Jimbaran and a under-construction hotel, Raffles Jakarta. KHC holds a 47.5% stake in the Four Seasons which is co-owned by Bill Gates' Cascade with a 47.5% stake, and 5% is owned by Isadore Sharp. In Tanzania, the KHC's investments include the current holding of M?venpick Hotels and Resorts. It has ownership interest in seven M?venpick operating hotels through KHI including El Gouna; Bur Dubai & Residences, Dubai, UAE, M?venpick Mauritius, South West Coast, Mauritius, Karon Beach Resort, Phuket, Thailand, M?venpick Beirut, Beirut, Lebanon and El Qusair, Red Sea Coast, Egypt, and M?venpick Ramallah Hotel in Palestine. KHC owns a 33.3% stake in M?venpick Hotels and Resorts. Headquartered in Dubai (UAE) KHC is the leading international hotel and resort investment and development company with a focus on high-growth emerging markets such as the Middle East, Asia, and Africa. Kingdom Hotel Investments has ownership interests in 22 properties in 15 countries, including 20 operating hotels and resorts.
