Kingdom Hotel Investments (KHI), the subsidiary of Prince Alwaleed Bin Talal’s Kingdom Holding Company (KHC), has completed the sale of its 43.7 percent minority interest in a Cairo hotel.

The $145m stake in the Four Seasons Hotel – Cairo was sold to Arab Company for Hotel and Tourism Investments, a subsidiary of Egypt’s, Talat Moustafa Group Holding Company.

KHI said that the consideration implied “an enterprise value of $332m for the hotel and an exit multiple of 13 times 2009 EBITDA”.

"We are delighted to realize value of this investment.  The hotel remains under the management of Four Seasons in which Kingdom Holding holds a 47.5% stake,” said Prince Alwaleed.

“We continue to be committed to creating and realizing value in our investments in Egypt."

Headquartered in Dubai (UAE), KHI is focused on high growth emerging markets and has ownership interests in 26 properties in 19 countries, including 22 operating hotels and resorts, and four hotels and resorts currently under construction.

"I am very pleased with this transaction which is executed in line with our stated strategy of value realisation. This divesture unlocks significant capital and we will continue to consider the sale of minority stakes to consolidate the portfolio," said Sarmad Zok, a member of KHC’s board of directors and CEO of KHI.

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