JEDDAH: Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC), chaired by Prince Alwaleed Bin Talal, announced Sunday the completion the sale of its 100 percent interest in the 387-room Swissotel 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. Alwaleed said "we are delighted to realize value of this investment amid a buoyant transactions environment in growth markets." Sarmad Zok, chairman & CEO of KHI and member of KHC's Board of Directors, said "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, 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. Meanwhile, the two luxury hotels being built in The Philippines in a joint venture with KHI are set to open next year. KHI said the properties were expected to start operations in the second quarter of 2012. KHI invested in the $200 million in the Manila project.
