Kingdom Holding to sell two hotels in Lebanon: report

Saudi-listed Kingdom Holding Co. (KHC) plans to sell its stakes in the Movenpick Hotel and Four Seasons Hotel in Beirut, Reuters reported on Thursday, citing unnamed sources.

The sale had long been planned, sources said, adding that it has nothing to do with the arrest of Kingdom Holding chairman Prince Alwaleed bin Talal in Saudi Arabia’s’ recent anti-corruption purge.

The Saudi company’s stake in the Four Seasons Hotel could be valued at more than $110 million, Lebanon’s Daily Star reported.

The newspaper, citing an unnamed source, said a group of Lebanese and other Arab investors were planning to complete the purchase of the Four Seasons in Beirut by the end of 2017.

Blominvest, the investment arm of Blom Bank, has been mandated to advise on the sale of both hotel stakes, a source added.

Saudi billionaire Prince Alwaleed, who owns 95 percent of Kingdom Holding, was among several high-ranking businessmen and officials detained as part of the large-scale crackdown against corruption in early November.

In response to news of the arrest, Kingdom Holding said it was operating as usual and remains “fully committed” to serving the interests of clients and stakeholders.

Prince Alwaleed – who is known for significant investments in top global companies like Apple, Twitter, Citi, and Time Warner – has lost nearly $1.22 billion (SAR 4.58 billion) following his arrest, according to Bloomberg Billionaires Index.