Riyadh-based Kingdom Hotel Investment Group (KHI)has completed its second Egyptian hotel acquisition within a month, with the purchase of a 25.6 per cent stake in the El-Quseir Moevenpick Hotel, on the Red Sea. In May, the newly created hotels group acquired a 26.5 per cent stake in the El-Gouna Moevenpick, north of Hurghada. KHI is understood to be close to concluding a third acquisition in Egypt that would take the number of hotels it part-owns in the country to six (MEED 24:5:02).
The vendor in both the deals that have been concluded so far is the local Orascom Hotel Holdings. The prices of the acquisitions have not been disclosed.
The El-Quseir Moevenpick has 181 rooms and suites, and a range of sports facilities. An additional 72 rooms are under construction.
KHI was formed earlier this year as part of a move by Prince Alwaleed bin Talal to consolidate the disparate hotel assets owned by his Kingdom Holding Company. KHI has paid-in capital of $211 million. Partners include Sheikh Mohamed bin Issa al-Jaber, a prominent Saudi businessman whose companies include Jadawel Internationaland the Ajwa Group.
The fresh Egyptian acquisition brings KHI's regional portfolio to 10 hotels. The company values its real estate assets at $1,000 million in total.
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