Kingdom Holding Announces Sale of Fairmont Copley Plaza for $100 Million Which Remains Under the Management of Fairmont (United States)
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Kingdom Holding Announces Sale of Fairmont Copley Plaza for $100 Million Which Remains Under the Management of Fairmont (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-09-20
Prince Alwaleed: “Sale consistent with Company’s portfolio rationalization and value realization strategy”
Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, announced the sale of the Fairmont Copley Plaza, Boston, United States that was fully owned by Fairmont Raffles Holdings International for cash proceeds of $100 million. The hotel remains under the management of Fairmont Raffles.
Prince Alwaleed commented: “We are delighted to realize value of this investment. The hotel remains under the management of Fairmont in which Kingdom Holding holds a stake. We continue to be committed to creating and realizing value in our investments in the United States.”
Fairmont Raffles is an integral component of KHC’s diverse hotel portfolio. Recently, KHC announced an US$847 Million Transaction with Qatari Diar involving Fairmont Raffles Holdings International. Under the agreements, Voyager has acquired for a combination of cash and other consideration a 40% shareholding in FRHI. In addition, QD Hotel & Property Investment Limited (QDHP) has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel. In 2006, Kingdom and Colony completed the acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group.
The Fairmont Copley Plaza hotel has been a symbol of Boston's rich history and elegance since its gala opening in 1912, with 383 guestrooms with lavish décor. It remains a major landmark in Boston.
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