KHI sells its interest in Makati deal

Kingdom Hotel Investments ‘KHI’ signed an agreement with Ayalaland Hotels and Resorts Corp, a wholly-owned subsidiary of Ayala Land Inc. 

 ‘ALI’ concerning the sale of KHI’s economic interest in the Fairmont Hotel and Raffles Suites and Residences Makati development in the Philippines for SAR218 million.

The amount includes SAR90mn in shares and SAR128mn in other shareholder advances. KHI will continue to be a stakeholder in the project through a financial interest with further earnout potential in the residential component and through Kingdom Holding’s ownership stake in Fairmont Raffles Hotels International ‘FRHI’.

The Fairmont Hotel and Raffles Suites and Residences Makati leverages two hotels and a sizeable residential scheme into one building.

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