Kingdom Holding Company (KHC) chaired by Saudi billionaire Prince Alwaleed Bin Talal, has sold its 90 per cent interest in the Four Seasons Resort Langkawi, Malaysia.
The interest was sold to Leisure Ventures, an affiliate of Singaporean-listed Hotel Properties Limited.
The aggregate gross consideration for the transaction amounted to $90m, a statement said.
Prince Alwaleed said: “This transaction marks yet another success for KHC’s value realisation strategy from growth market investments.
“KHC continues to be a stakeholder in this property through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the resort.”
Kingdom Holding owns 47.5 per cent of Four Seasons Hotels and Resorts alongside a similar stake held by Bill Gates’ Cascade Investment.
In October last year, the Saudi-listed company also sold the Four Seasons Hotel Toronto for a gross price of 225m Canadian dollars ($171.8m) to family investment vehicles related to Pakistani-American businessman Shahid Khan.
KHC’s global hotel brands include the Four Seasons, Fairmont Raffles, Movenpick, Swissotel and Accor. It has also invested in other global brands such as Lyft, Careem, JD.com, Twitter, NewsCorp, 21st Century Fox, Euro Disney, Time Warner and Citigroup.
In Saudi Arabia, Kingdom Holding is currently developing the 1km high Jeddah Tower, which once completed is expected to become the tallest tower in the world.