RIYADH (AFP) — Saudi Arabia’s Kingdom Holding, headed by tycoon Prince Alwaleed bin Talal, said on Monday it has sold its 50 percent stake in the Four Seasons Hotel des Bergues in Geneva.
Kingdom (KHC) netted 225 million Saudi Riyals (US 60 million dollars) in the sale of its share of the 170 year old luxury hotel, which it purchased in 2003.
“The sale of the Hotel des Bergues comes in line with KHC’s active management of hotel assets and focus on extracting value out of management company interests,” the company said in a statement.
It did not say who the buyer was. In 2005 Kingdom sold a 50 percent stake in the hotel to Britain-based Cedar Capital Partners.
Since 2007 Kingdom has raised some 822 million dollars from the sale and refinancing of hotel assets around the world, according to the company.
The group still holds a 47.5 percent stake in Four Season Hotels and Resorts, which continues to manage the Hotel des Bergues. An investors syndicate led by Alwaleed and Microsoft’s Bill Gates took Four Seasons private in 2007.
Alwaleed, one of Saudi Arabia’s richest businessmen, is believed to have taken large paper losses on his stake in troubled Citigroup, as the US government reached a deal last week to increase its shareholding in the bank to about 36 percent to shore up confidence in the US finance giant.