Located in the Indian Ocean, the Movenpick Resort & Spa in Mauritius was sold by Kingdom Hotel Investments to a stunning US$40 million. The sale was brought by Outrigger Hotels and Resorts based in Hawaii.
In a statement, the Kingdom Holding Co. said that the transaction was completed last May 29. This was made through the Saudi stock market. Kingdom Holding is driven towards buying hotel and real estate stakes that are of high value in the Middle East and abroad. The Kingdom Hotel unit alone owns stakes in twenty hotels and resorts in fifteen different countries. There are more hotels under construction that will add more stakes for the investment company.
Kingdom Hotel also holds a total of 38% stake in the Raffles Seychelles Resort and Residence. It is valued at US$137 million after opening in May 27. It is managed by Fairmont and was inaugurated by the Prince himself, Alwaleed bin Talal.
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