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Kingdom Holding sells stake in US hotel

Kingdom Holding Co (KHC), the investment firm chaired by Prince Alwaleed Bin Talal, has completed the sale of its key stake in the historic Fairmont San Francisco Hotel for around $200m. KHC will retain a 28% interest in the hotel, which was purchased from Maritz, Wolff & Co, which acquired its stake in the hotel in 1998 in partnership with Kingdom Holding. The Riyadh-based investment firm owns a stake of 35% in Fairmont Hotels and Resorts.