Kingdom Holding Company (KHC) has sold its 100 percent interest in the Mövenpick Hotel Ambassador Accra, Ghana, to a Mauritius-based fund for $100 million, it announced on Tuesday.
The transaction with QG Africa Hotel LP was closed on Dec. 28, 2016, the statement said.
“Kingdom continues to be a stakeholder in this asset through our interest in the management company Mövenpick Hotels & Resorts which will continue to operate the hotel,” said Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of the company.
Founded in 1980, Kingdom Holding has been listed on the Saudi Stock Exchange (Tadawul) since 2007.
The firm’s hospitality investments include interests in hotel management companies such as Four Seasons Hotels and Resorts (in which it holds a 47.5 percent stake), Mövenpick Hotels & Resorts (33 percent stake), and AccorHotels (5.8 percent stake).
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