Fairmont, Controlled by Kingdom Holding, Sold 2 Hotels in Cambodia for SR131 Million

Fairmont, Controlled by Kingdom Holding, Sold 2 Hotels in Cambodia for
SR131 Million

26 May 2008
Fairmont Raffles Hotels International in which Kingdom Holding Company
(KHC)Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed bin
Talal bin Abdulaziz AlsaudHRH Prince Alwaleed bin Talal bin Abdulaziz
Alsaud, holds a 58.1% controlling interest, has sold the Raffles Grand
D' Angkor & Le Royal, Cambodia for a sale value SR131 million. The
Raffles Grand D' Angkor is a 131 room hotel in Siem Reap and Le Royal
is a 170 room hotel located in Phnom Penh. These two hotels were
acquired by Kingdom Hotel Investments (KHI), a company also owned 54%
by KHCKHC and chaired by HRH.




Mr. PJ Shoucair Executive Director for International Investments at
KHCKHC commented: "The sale of these hotels to Kingdom Hotel
Investments, KHCKHC's listed hotel vehicle, is in line with KHI's
strategy of owning hotels in emerging markets, and realizing
significant value over time."




Last year, Kingdom Holding announced the sale of Swissotel Sydney in
Australia for a sale value SR281 million, re-financing of the Four
Seasons George V hotel in Paris with net cash proceeds valued at SR285
million going to KHCKHC, the re-financing of the Hotel des Bergues,
Geneva in the amount of SR375 million and announced the sale of the
Four Seasons Hotel, London for SR550 million. This year KHCKHC
announced that it had completed the sale of the Monte Carlo Grand
Hotel in Monaco with proceeds valued at SR150 million going to KHCKHC.




In 2006 Kingdom and Colony completed a $5.5 billion Acquisition of
Fairmont Hotels & Resorts which was combined with the Raffles Hotels
Group.

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