USD 300 million worth Prince Alwaleed’s Beirut properties might be up for sale

USD 300 million worth Prince Alwaleed’s Beirut properties might be up for sale

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It was reported that Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal will be selling its two five-star properties in Beirut: Four Seasons Hotel Beirut and the Mövenpick Hotel Beirut.

The Daily Star had reported that a source familiar with the case said that a Lebanese commercial bank has been commissioned to find buyers  and that the financial arm of the local bank had been instructed to conduct due diligence long before the prince’s arrest.

Pierre Achkar, President of the Syndicate of Hotel Owners, told HN that these are still rumors as the Prince is detained and no official statement was released from his side.

“Both properties are top notch and have the best locations in the capital. They are worth USD 300 million, and I do not think that there is a buyer willing to pay this sum within the current country situation,” Achkar said.

However, stories related to Bin Talal selling his Beirut properties are not new. In 2012, it was also reported that the 293-room Mövenpick will be sold to Wissam Achour of Achour Holding for over USD 100 million.

On a global level, and during the past two years, Bin Talal has been selling several properties he owned.

Kingdom owns stock in hotel ownership and management companies such as Movenpick, Fairmont, Raffles and Four Seasons.

Last January, KHC sold its 100 percent 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 USD 100 million.  In October 2016, KHC sold Four Seasons Hotel Toronto for USD 177 million.

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