Kingdom Holding Co. has completed the sale of Mövenpick Hotels and Resorts to AccorHotels for SAR 749 million, the company said in a bourse filing.
The Saudi company generated around SAR 175 million in profit from the sale, which will be reflected on earnings of Q3 2018.
In April, Kingdom Holding signed an agreement with its partners to sell Swiss hospitality chain Mövenpick Hotels and Resorts Co. (MHR) to its associate, France’s AccorHotels.
Kingdom Holding owns a 33.3 percent stake in MHR through its wholly owned European subsidiary. Meanwhile, the company holds 5.8 percent in AccorHotels.
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