The Kingdom Holding Company (KHC) sold their stake in the famous Fairmont San Francisco Hotel for USD200 million, reported Trade Arabia.
In accordance with the agreement, the investment management corporation Oaktree Capital Management and both real estate investors Michael Rosenfeld and Woodbridge Capital Partners, KHC is to retain 28% interest in the historic hotel.
The mother company, Fairmont Hotels & Resorts is based out of Canada, will continue to manage the San Francisco hotel. John Brady, the head of global real estate for Oaktree Capital Management, said: "with 591 guest rooms and suites and over 55,000 sq ft of conference and function space, the hotel is renowned for its three restaurants and lounges. Its location offers spectacular views of the city and the Bay, and is the only spot in San Francisco where each of the city's cable car lines meet."
KHC, chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud owns a 35% stake in Fairmont Hotels & resorts. The Prince said the sale of the key stake in the Fairmont is, "yet another step for KHC towards the realization of the value of its investments."