Kingdom Hotels to splurge in Asia
DUBAI – Kingdom Hotel Investments plans to raise US$100 million to boost its presence in Asia.
The hotel group, in which Saudi Prince Alwaleed bin Talal is a 54 percent shareholder, will use the cash to buy hotels and refinance existing properties in Asia.
Chief executive Sarmad Zok said Asia remains “a priority for expansion”.
“Last year the Middle East was the fastest growing region for expansion. This year the fastest growing region is Asia.”
The company has recently brought development land and operating hotels in the Seychelles, Indonesia and Cambodia.
And in April this year it paid US$58 million for its first Chinese hotel near Shanghai.
Thailand remains the company’s biggest market as a percentage of investment.
The company operates 23 hotels, managed by partners such as Fairmont Hotels and Resorts, Movenpick Holdings and Four Seasons.
Ian Jarrett
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