Saudi holding commits $800m to new hotel acquisitions
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Saudi Prince Alwaleed Bin Talal’s property investment company Kingdom Holding is planning to sell minority stakes in various hotels in favour of high-value properties, according to the CEO of Kingdom Hotel Investments, Sarmad Zok.Kingdom has a “handful” of assets where it owns a 50 percent stake or less, and it “will assess the viability” of those holdings and may sell them to acquire interests in other properties, Zok told Bloomberg.Kingdom Holding owns a 50% stake in The Savoy Hotel in London, 35.5% of The Plaza Hotel in New York and 50% of the Fairmont in San Francisco. It also owns stakes in five hotel managers including Fairmont Raffles Hotels, Four Seasons Hotels and Movenpick Hotels & Resorts.Zok said the company would have up to $800 million to spend on new investments in the hospitality sector over the next 12 months.Kingdom Hotel currently operates 23 hotels and resorts worldwide, with four more in development.
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