Prince Alwaleed bin Talal to sell stakes in 20-30 hotels, worldwide
Prince Alwaleed bin Talal has asked investment banks to identify possible acquisition targets around the world and plans to sell its stake in 20-30 hotelsin the next two years, he told Reuters on Monday. “We have talked with certain investment banks to look at opportunities that we may have not seen in our region. This is in motion right now,” said Alwaleed, who owns 95 percent of Kingdom, in an interview in Riyadh on Monday.
Kingdom owns stock in hotel ownership and management companies such as Movenpick, Fairmont, Raffles and Four Seasons, which Alwaleed said he would not sell. “Hotels that we as Kingdom Holding directly own such as the Plaza Hotel in New York, the Savoy in London, the Four Seasons in Toronto and George V in Paris, these are the anchor ones that are not for sale,” he said.
Kingdom Holding first-quarter net profit rose 9 percent year-on-year, but the company’s share price has dropped 18 percent since the start of 2013.