KHI sells its interest in Fairmont Hotel and Raffles Suites and Residences Makati for SAR218m
- United Arab Emirates: Saturday, October 06 - 2012 at 13:10
- PRESS RELEASE
Kingdom Hotel Investments 'KHI', a wholly owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company 'KHC', chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has signed an agreement with Ayalaland Hotels and Resorts Corp, a wholly owned subsidiary of Ayala Land Inc.
The amount includes SAR90m in shares and SAR128m in other shareholder advances. The transaction closed on October 3, 2012.
KHI will continue to be a stakeholder in the project through a financial interest with further earnout potential in the residential component and through Kingdom Holding's ownership stake in Fairmont Raffles Hotels International 'FRHI'.
The Fairmont Hotel and Raffles Suites and Residences Makati, a dual luxury hotel and residential project, was developed by KHI and its joint venture partner ALI and is set to become the leading destination in Manila for business and leisure travelers as well as high-end urban dwellers.
Prince Alwaleed commented, "We continue to realize value for KHC's shareholders." Mr. Sarmad Zok, Chairman and CEO of KHI and Member of KHC's Board of Directors, commented, "We are delighted to be completing this transaction which marks another significant step in the strategy to realize value from KHI's hotel portfolio. This deal is the ultimate testimony to KHI's track record of developing hotels in high growth markets and successfully executing on international transactions."
Mr. Zok further added, "The Fairmont and Raffles Makati incorporates an innovative concept that leverages two hotels and a sizeable residential scheme into one building. This development will set new standards for the hospitality sector in Manila and become a real estate landmark in Makati's growing skyline."
The Raffles Residences Makati is leading the high-end residential property market in Manila and has made real estate history for selling the highest priced residential condominium to date on a per square meter basis in the Philippines.
KHI, headquartered in Dubai 'UAE', is the leading international hotel and resort investment and development company focused on high growth market economies in the Middle East, Asia, and Africa. The company has ownership interests in 19 properties in 13 countries.
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