Lebanon Businessnews News

Al Waleed Bin Talal to sell Movenpick
Deal with Wissam Ashour under study
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Kingdom Hotel Investments (KHI), a wholly-owned subsidiary of the Saudi group Kingdom Holding Company (KHC) chaired by Al Waleed Bin Talal, is seeking to sell its Beirut-based property Mövenpick.

The 293-room hotel was reportedly sold to Wissam Ashour through a deal estimated at between $115 million and $120 million. But Achour denied today (November 26) the conclusion of the deal: “We are currently studying the transaction to buy the hotel, but so far nothing is confirmed.”

Ashour is a Lebanese investor and fund manager who had accumulated his fortune in Africa. He already owns several hotels in that same area including Lords, Lancaster, Lancaster Homes, and Royal Plaza. He has also purchased a large land plot near the Summerland hotel.

KHC had taken KHI public in the Dubai stock market in 2006, then private again in June 2010. It is now divesting some of its assets to realize profits for its shareholders.

KHI has recently sold its Mövenpick Resort & Spa in Thailand to the Malaysian firm TA Global for $90 million. Last year KHI sold TA Global its Swiss hotel Kunshan for $60 million.

Headquartered in Dubai, KHI is a global hotel and resort acquisition and development company focused on high growth emerging markets, such as the Middle East, Asia, and Africa. The company has ownership interests in 21 properties in 14 countries, including 19 operating hotels and resorts, and two currently under construction.
Reported by Rana Freifer
Date Posted: Nov 26, 2012
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