Kingdom Hotel Investments Sells its Stake in the Four Seasons Hotel Cairo at Nile Plaza for $145 Million (Égypte)
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Kingdom Hotel Investments Sells its Stake in the Four Seasons Hotel Cairo at Nile Plaza for $145 Million (Égypte)
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Catégorie : Afrique Océan Indien - Égypte - Économie du secteur -
Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 02-09-2010
Prince Alwaleed: “Sale consistent with Company’s portfolio rationalization and value realization strategy”
On 25th August, 2010 Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, completed the sale of its 43.7% minority interest in the Four Seasons Hotel – Cairo at Nile Plaza, Egypt to Arab Company for Hotel and Tourism Investments (a subsidiary of the Egyptian based Talat Moustafa Group Holding Company), the majority shareholder of the referenced hotel, for cash proceeds of $145 million.
The consideration implies an enterprise value of $332m for the hotel and an exit multiple of 13 times 2009 EBITDA.
Prince Alwaleed commented: “We are delighted to realize value of this investment. The hotel remains under the management of Four Seasons in which Kingdom Holding holds a 47.5% stake. We continue to be committed to creating and realizing value in our investments in Egypt.”
Sarmad Zok, Member of KHC’s Board of Directors and Investment Committee and CEO, Kingdom Hotel Investments, commented: “I am very pleased with this transaction which is executed in line with our stated strategy of value realization. This divesture unlocks significant capital and we will continue to consider the sale of minority stakes to consolidate the portfolio.”
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.
The company has ownership interests in 26 properties in 19 countries, including 22 operating hotels and resorts, and four hotels and resorts currently under construction.
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