(MENAFN) Kingdom Hotel Investments (KHI), a wholly owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company (KHC), announced it has sold its 100 percent interest in the M"venpick Hotel and Apartments Bur Dubai to a UAE-based investment company in a deal worth USD95 million, Saudi Gazette reported.
"The sale of the M"venpick Hotel and Apartments Bur Dubai is a testament to the economic robustness of Dubai and to the buoyant M&A environment in the hospitality sector here," Chairman and CEO of KHI and Member of KHC's Board of Directors commented.
Headquartered in Dubai, KHI is a hotel and resort acquisition and development company focused on emerging markets such as the Middle East, Asia, and Africa, with a portfolio which includes major interests in Four Seasons Hotels and Resorts, Fairmont Raffles Holding International, and Swissotel.
Globally, the group has investments in 22 properties including, George V Hotel in Paris, The Plaza in New York, Savoy Hotel in London, Four Seasons Hotel in Toronto and the Fairmont Hotel in San Francisco.
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