Saudi Arabia-based Kingdom Holding Company has announced a deal to sell the Mövenpick Hotel Ambassador Accra to QG Africa Hotel for $100 million.
RIYADH, Saudi Arabia--10 January 2017--Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announces that it has successfully sold its 100% interest in the Mövenpick Hotel Ambassador Accra to QG Africa Hotel LP, a Mauritius-based fund managed by Quantum Global Investments Africa Management Ltd. for a consideration of $100M. The transaction closed on December 28, 2016.
HRH Prince Alwaleed commented: “This transaction marks yet another success for KHC’s value realization strategy from growth market investments”. Prince Alwaleed added, “Kingdom continues to be a stakeholder in this asset through our interest in the management company Mövenpick Hotels & Resorts which will continue to operate the hotel.”
Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. Today, KHC is one of the world’s most successful and diversified business organizations with investments across 12 sectors. For over two decades, the company has been a leading player in the global hospitality industry, building shareholder value by acquiring, developing, actively asset managing and monetizing high-quality hospitality assets.
KHC’s hospitality investments include major interests in industry-leading hotel management companies Four Seasons Hotels and Resorts (which is co-owned by Bill Gates’ Cascade with a 47.5% stake, and the remaining 5% is owned by Mr. Isadore Sharp), AccorHotels (with a 5.8% stake), and 33% ownership in Mövenpick Hotels & Resorts. This is in addition to a real estate portfolio comprising 15 hotels worldwide. These hotels include the Four Seasons Hotel George V in Paris, The Plaza in New York, The Savoy in London, and other leading real estate assets across the Middle East, Asia, and Africa.
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