Image via Four Seasons Beirut Facebook page
Saudi Arabian investment firm Kingdom Holding Company (KHC) chaired by Prince Al Waleed Bin Talal, sold its stake in Four Seasons Hotel in Beirut for around USD 100-115 million including debt, according to Reuters.
Last November, HN had reported that KHC will be selling its two five-star properties in Beirut: Four Seasons Hotel Beirut and the Mövenpick Hotel Beirut.
Sources told HN that the buyer is a Lebanese businessman and the deal was done in December.
The Four Seasons management company will continue to operate the hotel, as mentioned Reuters.
Pierre Achkar, president of the Hotel Owners Association, told HN that the deal should be seen from a positive side, where businessmen and investors are still willing to invest in this industry in Lebanon. “The change in the ownership of the property will not affect the hotel’s performance.”
On a global level, and during the past two years, Bin Talal has been selling several properties he owned.
Kingdom Holding owns stock in hotel ownership and management companies such as Movenpick, Fairmont, Raffles and Four Seasons.
In January 2017, 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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