Kingdom Holding completes $575m transaction on Plaza Hotel in New York, with KHC retaining 25% equity ownership
- Saudi Arabia: Tuesday, December 04 - 2012 at 11:11
- PRESS RELEASE
Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announced the completion of a $575m transaction on The Plaza Hotel in New York, with KHC retaining a 25% equity ownership, and realizing a net profit of $32.9m.
HRH Prince Alwaleed said: "we remain committed to New York's iconic Plaza Hotel and look forward to a long partnership with Sahara India Pariwar and Mr. Sant Chatwal as we work together to reinforce The Plaza's positioning as one of North America's pre-eminent luxury hotels.
As part of the transaction, Fairmont has signed a new hotel management contract and Hampshire Hotels & Resorts will supervise the management of the food & beverage operations in the building.
The Plaza originally opened in 1907 and currently operates as a 282-room hotel, including 152 condo-hotel units. The building also encompasses 180 residential condominiums and 60,000 square feet of vibrant, high-end retail.
The ultimate luxury lifestyle destination, the new Plaza features lavish hotel rooms, private residences, destination restaurants, an exclusive retail collection, and state-of-the-art meeting and event spaces. The Plaza offers 102 elegant suites in seven distinct designs and a five star service. Each guestrooms and suites have been designed to reflect the grace of a glorious past, and updated with contemporary conveniences. The hotel underwent a $400m renovation and KHC announced its re-opening in 2009.
Fairmont Raffles is an integral component of KHC's diverse hotel portfolio. In 2010, KHC announced an $847m transaction with Qatari Diar involving Fairmont Raffles Holdings International (FRHI). Under the agreements, Voyager has acquired for a combination of cash and other consideration a 40% shareholding in FRHI. In addition, QDHP has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel. In 2006, KHC and Colony completed the acquisition of Fairmont Hotels and Resorts which was combined with the Raffles Hotels Group.
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