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FINANCIAL NEWS
Kingdom Holding sells Boston hotel for $100m
19 Sep 2010
(MENAFN) Kingdom Holding Company (KHC), the investment firm of Saudi Prince Alwaleed bin Talal bin Abdulaziz Alsaud, has announced the sale of Fairmont Copley Plaza, a major US-based hotel, for $100 million, Reuters reported.
The Fairmont Copley Plaza hotel based in Boston, US has been a symbol of its rich history and elegance since its launch in 1912, said a statement from KHC. The hotel remains under the management of Fairmont Raffles, an integral component of KHC�s diverse hotel portfolio, it added.
Commenting on the sale, Prince Alwaleed said it was consistent with the company�s portfolio rationalization and value realization strategy.
Recently, KHC had announced an $847 million transaction with Qatari Diar involving Fairmont Raffles Holdings International. Under the deal, Voyager has acquired for a combination of cash and other consideration a 40 percent shareholding in FRHI, said Prince Alwaleed.
In 2006, Kingdom and Colony completed the acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group, he added.
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