Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Kingdom Holding earns $ 32.9 m from NY Plaza deal  Join our daily free Newsletter

MENAFN - Arab News - 05/12/2012

No. of Ratings : 0
Add to Mixx!


 


Prince Alwaleed in front of The Plaza Hotel in New York.
(MENAFN - Arab News) Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the completion of a 575 million transaction on The Plaza Hotel in New York, with KHC retaining a 25 percent equity ownership, and realizing a net profit of 32.9 million.

As part of the transaction, Sahara India Pariwar and Fiverivers Properties acquired a 75 percent interest and Kingdom Holding rolled over its investment in the property.

Prince Alwaleed said: "We remain committed to New York's iconic Plaza Hotel and look forward to a long partnership with Sahara India Pariwar and Sant Chatwal as we work together to reinforce The Plaza's positioning as one of North America's pre-eminent luxury hotels."

As part of the transaction, Fairmont has signed a new hotel management contract and Hampshire Hotels & Resorts will supervise the management of the food and beverage operations in the building.

The Plaza originally opened in 1907 and currently operates as a 282-room hotel, including 152 condo-hotel units. The building also encompasses 180 residential condominiums and 60,000 square feet of vibrant, high-end retail.
The ultimate luxury lifestyle destination, the new Plaza features lavish hotel rooms, private residences, destination restaurants, an exclusive retail collection, and state-of-the-art meeting and event spaces.

The Plaza offers 102 elegant suites in seven distinct designs and a five star service. Each guestrooms and suites have been designed to reflect the grace of a glorious past, and updated with contemporary conveniences.
The hotel underwent a 400 million renovation and KHC announced its reopening in 2009. Fairmont Raffles is an integral component of KHC's diverse hotel portfolio.

In 2010, KHC announced an 847 million transaction with Qatari Diar involving Fairmont Raffles Holdings International (FRHI).

Under the agreements, Voyager has acquired for a combination of cash and other consideration a 40 percent shareholding in FRHI. In addition, QDHP has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel.

In 2006, KHC and Colony completed the acquisition of Fairmont Hotels and Resorts, which was combined with the Raffles Hotels Group.

 






  MENA News Headlines
Apr 24 2014Kuwait inflation edges up 2.96% y/y in March ,Arab Times
(MENAFN - Arab Times) Wait city april 23 (kuna): kuwait's annual record of the general index of consumer prices (inflation) rose in march by 2.96 percent compared with the same month of last year ...

Apr 24 2014DPG launches Masat to oversee portfolio ,Khaleej Times
(MENAFN - Khaleej Times) Dubai properties group (dpg) has announced the establishment of masat a new dedicated portfolio management company responsible for overseeing and managing dpg?s built to ...

Apr 24 2014UAE- Shapoorji Pallonji enters final stage on Bloom Central ,Khaleej Times
(MENAFN - Khaleej Times) Leading regional and international construction company shapoorji pallonji has entered the final stage of construction of bloom central project a 25-storey mixed-use ...

Apr 24 2014UAE- Huge turnout recorded at Gitex Shopper's first day ,Khaleej Times
(MENAFN - Khaleej Times) Buyers seek deals on newly launched smartphones the first day of gitex shopper spring edition recorded strong turnout despite the fact that it was a working day and ...

Apr 24 2014Landmark day for Dubai as bourse hits 5100 mark ,Khaleej Times
(MENAFN - Khaleej Times) Bourse hits 5100 mark; dhcog to prepay $555m; govt raises $750m from sukuk it was a landmark day for dubai on wednesday as the emirate made significant progress on ...

Apr 24 2014Kuwait's consumer price rises by 2.96 percent in March ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's annual record of the general index of consumer prices (inflation) rose in March by 2.96 percent compared with the same month of last year, the Central ...

Apr 24 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014Dubai Investments raises foreign ownership cap to 35% ,Khaleej Times
(MENAFN - Khaleej Times) Dubai investments (di) the largest investment company listed on the dubai financial market (dfm) has raised the foreign ownership limit in the company from the existing 20 ...

Apr 24 2014Heads of aid agencies urge int'l community to find the courage, will Syrians have plenty of ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Heads of five UN Aid Agencies on Wednesday urged the international community to find the courage and will the Syrian people have to cope with and survive over ...

Apr 24 2014US says any Palestinian gov't must "unambiguously" commit to nonviolence, existence of Israel ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The US stressed here Wednesday that any Palestinian government must "unambiguously and explicitly commit to nonviolence, recognition of the state of Israel, and ...

Apr 24 2014UAE- Investcorp continues expansion ,Khaleej Times
(MENAFN - Khaleej Times) Investcorp a global provider and manager of alternative investment products announced that it has opened a new representative office in abu dhabi. the office is situated ...

Apr 24 2014Tim Hortons opens at Dubai Chamber ,Khaleej Times
(MENAFN - Khaleej Times) Tim hortons recently celebrated the opening of its newest cafe and bake shop restaurant at the dubai chamber of commerce and industry by the dubai creek. hamad buamim ...

Apr 24 2014Arab League hails Palestinian party reconciliation pact ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Arab League chief Nabil Al-Araby has commended the agreement for a national unity government formation reached between the once rival main Palestinian parties, ...

Apr 24 2014UAE- UPC issues guidelines on underground utilities installations ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi has come up with new guidelines for the installation of underground utilities which will also help in cutting costs. the new guidelines would benefit ...

Apr 24 2014UAE- Al Maabar hands over 60% units at Moroccan project ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real estate developer al maabar said that 60 per cent of the residential units of phase one at its moroccan bab al bahr project have been delivered to its ...

Apr 24 2014SMEs play crucial role in boosting Dubai's growth ,Khaleej Times
(MENAFN - Khaleej Times) Pinsent dec and zawya recommend relaxing lending rules more could be done to enable small and medium-sized businesses to get the finance they need to grow and boost ...

Apr 24 2014UAE's Emaar profit grows 55 percent in Q1 ,MENAFN
(MENAFN) Net profit of Dubai"s Emaar Properties saw a 55 percent rise in the first quarter of 2014 on growing regional economy, according to Arab News. Emaar profit for the quarter was estimated ...

Apr 24 2014Kuwait- OCA committed to cooperation with member nations - president ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Olympic Council of Asia is committed to cooperating with and providing all forms of support to its member nations during difficult circumstances they are ...

Apr 24 2014UAE- Move to spur female entrepreneurship ,The Peninsula
(MENAFN - The Peninsula) UAE-based conglomerate Crescent Enterprises has partnered with the Cherie Blair Foundation for Women to empower, mentor and support female entrepreneurs in a number of ...

Apr 24 2014Kuwait Social Media Summit kicks off ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The 2nd Annual Kuwait Social Media Summit, kicked off here on Wednesday, is a high-level event which brings together social media experts across the government, ...

more...


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help