Kingdom Hotel Investments Completes Sale of Swissôtel Kunshan for $60.6 Million (China)
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Kingdom Hotel Investments Completes Sale of Swissôtel Kunshan for $60.6 Million (China)
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Category: Asia Pacific - China - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-04-11
Prince Alwaleed: “We are delighted to realize value of this investment”
Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC), Chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud announces the completion the sale of its 100% interest in the Swissôtel 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.
Prince Alwaleed commented: “We are delighted to realize value of this investment amid a buoyant transactions environment in growth markets.”
Mr. Sarmad Zok, Chairman & CEO of KHI and Member of KHC’s Board of Directors, commented: “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 (UAE), is the leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa.
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