The disposal is in line with KHI's stated strategy on portfolio rationalization and value realisation.
The 200-key Four Seasons Resort Sharm El Sheikh generated hotel Ebitda of $13.8m in 2008. This deal implies an enterprise value for the resort and the ancillary real estate of $178m with a 12.9x multiple on 2008 Ebitda.
Sarmad Zok, CEO said, "I am very pleased with this transaction which was executed in line with our stated strategy and in spite of the challenging environment. This is a strong demonstration of our value realisation model."
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Kingdom Hotel Investments sells its minority interest in the Four Seasons Resort Sharm El Sheikh
- Egypt: Tuesday, May 05 - 2009 at 11:11
- PRESS RELEASE
Kingdom Hotel Investments has completed the sale of its 39.3% interest in the Four Seasons Resort Sharm El Sheikh for cash proceeds to KHI of $70m.
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Notes:KHI, headquartered in Dubai (UAE), is the leading international 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 27 properties in 19 countries including 22 operating hotels and resorts and 5 hotels and resorts currently under construction or in the initial stages of development. KHI is listed on NASDAQ Dubai and the London Stock Exchange.
Mr. Ghaith Shocair, formerly CFO of KHI, advised the Company on the disposal in his on-going capacity as consultant to the Board.
For more information, please contact:
Jeehan Balfaqaih
T: +971 4 365 8260
or
Eric Chang
Kingdom Hotel Investments
T: +971 4 361 1800
or
Kate Holgate (London)
Brunswick Group
T: +44 207 404 5959
Posted by Rana MesbahTuesday, May 05 - 2009 at 11:11 UAE local time (GMT+4)
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