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FINANCIAL NEWS
Kingdom Holding unit sells Thai Movenpick hotel in USD90m deal
10 Jun 2012
(MENAFN) Kingdom Hotel Investments (KHI) announced that it sold its Movenpick Resort & Spa Karon Beach Phuket in Thailand to Malaysia’s Crystal Caliber in a USD90 million deal, reported Arabian Business.
KHI, which also sold its Swissotel property in Kunshan, China, to TA Global for USD61 million in January 2011, added that the recent deal was sealed on the final day of May.
The company, a subsidiary of Kingdom Holding, said that at the current time, it has ownership interests in 21 properties including 19 operating hotels and resorts.
It is worth noting that the sale represents another success for the company’s value realization strategy from growth market investments, according to Prince Alwaleed Bin Talal, the chairman of Kingdom Holding.
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