Kingdom Hotel Investments acquires the Four Seasons Hotel Jakarta, Indonesia for US$48 million
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Kingdom Hotel Investments acquires the Four Seasons Hotel Jakarta, Indonesia for US$48 million
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Category: Asia Pacific
This is a press release selected by our editorial committee and published online for free on 2007-07-27
Kingdom Hotel Investments ("KHI"), the leading international hotel and resort
investment company chaired by HRH Prince Alwaleed Bin Talal, is pleased to
announce the acquisition of the Four Seasons Hotel Jakarta for US$48 million.
The acquisition is KHI's first in Indonesia and reflects the Group's investment
and diversification strategy in high growth emerging markets.
The hotel opened in 1995 as the Regent Jakarta and following a substantial
refurbishment, was reopened in July 2004 as the re-branded Four Seasons Hotel
Jakarta. It is located in the heart of Jakarta's Golden Business Triangle, the
commercial, political and cultural hub of Indonesia. This 365-room hotel is one
of the most established hotels in the region. It has good access to the
international airport and city attractions such as the National Monument.
This transaction further expands KHI's portfolio in Asia to nine properties in
seven countries, which now includes the Indonesian hotel market, a market
showing real signs of recovery and development, fuelled by economic growth and
increases in travel and tourism to the region.
KHI will own an 81.9% stake in the hotel.
HRH Prince Alwaleed Bin Talal, Chairman of KHI, said: "We continue to see
considerable potential and opportunity in the Asian region and are delighted to
be announcing today our first investment in the rapidly growing Indonesian hotel
market."
Sarmad Zok, Chief Executive Officer of KHI, said: "The timing of this
acquisition reflects the Company's ability to acquire existing assets with a
growth perspective, which in this case will be driven by the market and KHI's
active asset management. The Four Seasons Hotel Jakarta is one of the most
established hotels in Jakarta with a strong banquet and conference business in a
market of high corporate demand. It is in a very central location, close to
demand generators and will launch KHI into another dynamic, emerging market
territory."
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