Kingdom Hotel Investments (KHI), a wholly-owned subsidiary of Saudi-listed Kingdom Holding Company (KHC), sold on March 31 its 100 percent stake in the InterContinental Hotel Lusaka to QG Africa Hotel LP for $35.9 million.
“This transaction marks yet another success for KHC’s value realization strategy from growth market investments,” said Prince Alwaleed bin Talal, chairman of Kingdom Holding, in a statement.
QG Africa Hotel LP is a Mauritius-based fund managed by QG Investments Africa Management.
KHI has major stakes in several leading luxury hotels and hotel management companies, including Four Seasons Hotels and Resorts, Mövenpick Hotels & Resorts and a real estate portfolio comprising 18 hotels worldwide.
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