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FINANCIAL NEWS
Prince Alwaleed sells hotel in China for $61 million
01 Feb 2011
(MENAFN) The Saudi investments group Kingdom Hotel Investments (KHI) that is owned by Alwaleed bin Talal, the Millionaire prince from Saudi Arabia, stated that it sold its Swissotel in Kunshan in China, to the Malaysian company TA Global in a deal that is worth $61 million, reported Gulf News.
The investment group said that the deal would be finalized during the course of the coming month. Prince Alwaleed said that he was very happy with the price especially under such economic conditions.
Sarmad Zok, a KHI chairman, said that as the group is trying to secure more capital for financing other projects, this deal serves its purpose as it unlocked over sixty million dollars.
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