Movenpick in Ghana sold by Saudi prince for $100m

Movenpick in Ghana sold by Saudi prince for $100m
Inside the Movenpick Hotel Ambassador Accra.
Published: 11 January 2017 - 2:02 a.m.
By: Louise Birchall

Kingdom Holding Company, the investment vehicle of Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has sold its 100% interest in the Mövenpick Hotel Ambassador Accra in the Ghanaian capital for US $100 million, reported sister title Arabian Business.

The Saudi-based company said in a statement that it sold the stake to QG Africa Hotel, a Mauritius-based fund managed by Quantum Global Investments Africa Management Ltd.

Prince Alwaleed said: “This transaction marks yet another success for KHC’s value realisation strategy from growth market investments."

 

“Kingdom continues to be a stakeholder in this asset through our interest in the management company Mövenpick Hotels & Resorts which will continue to operate the hotel,” he added.

KHC’s hospitality investments include major interests in Four Seasons Hotels and Resorts, AccorHotels and Mövenpick Hotels & Resorts.

This is in addition to a real estate portfolio comprising 15 hotels worldwide including the Four Seasons Hotel George V in Paris, The Plaza in New York and The Savoy in London.

Last year, Prince Alwaleed sold some of his hotel investments including the Four Seasons Hotel Toronto, and the InterContinental Hotel Lusaka in Zambia.

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