Kingdom Holding Company Chaired by HRH Prince Alwaleed Announces the Re-Financing of Four Seasons George V with Proceeds Valued at SR285 Million
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Kingdom Holding Company Chaired by HRH Prince Alwaleed Announces the Re-Financing of Four Seasons George V with Proceeds Valued at SR285 Million
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Category: Middle East
This is a press release selected by our editorial committee and published online for free on 2007-09-28
Kingdom Holding Company Chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud announced today the re-financing of the Four Seasons George V hotel in Paris with proceeds valued at SR285 million going to KHC. The re-financing of the George V comes in light of KHC’s objective to continue to monetize and extract value out of the company’s hotel portfolio.
As Prince Alwaleed declared, George V hotel was "Simply the best in the world," Paris's Four Seasons Hotel George V is ranked Top International Hotel in the ZAGAT Survey edition 2007/2008 of hotels, restaurants, health spas and clubs, malls and other leisure facilities. George V tops the list of world hotels in this category and is described as the "creme de la crème" of hotels.
The George V's luxurious and elegant interior and architectural design has made it unique. The décor is a combination of classical designs with a modern touch. The hotel's interiors are adorned with magnificent tapestries and spectacular flowers. George V is exquisite in every detail and boasts top quality dining, with Philippe Legendre's Le Cinq restaurant which was awarded its third-Michelin-star (aka Macarons), which is the highest a restaurant can earn. As such, Le Cinq becomes one of the best tables in Paris. The restaurant of the Four Seasons Hotel George V is open every day of the year without exception. Moreover, the Zagat Survey of Paris Restaurants 2006/2007 edition ranked George V to have the Best Gastronomic Restaurant in Paris, Best Hotel Restaurant for dinner in Paris and Best Restaurant for Services and Cuisine in Paris.
It is also worth mentioning that the George V was ranked Best International Business Hotel by Conde Nast Traveler in 2006, "When it comes to catering for business travelers, hotels are finding that convenience and flexibility count as much as luxury. Paris's Four Seasons Hotel George V … will send a representative to greet you at the plane and expedite your way through customs," described the survey.
Moreover the George V was ranked Best City Hotel Worldwide for 4 consecutive years, Best City Hotel in Europe for 6 consecutive years in Gallivanter's Guide in 2006 and World's Best International City Hotel for 6 consecutive years in Andrew Harper's Hideaway report 2006 and Best International City Hotel in Andrew Harper's Hideaway report in 2005 for 5 consecutive years. The George V has also been rated the world's number one hotel by the ZAGAT Survey in its 2004 Top International Hotels, Resorts & Spas edition. The Survey described George V as a "jewel in the Four Season's crown" with its elegant rooms, magnificent views, souvenir-quality bathroom amenities, outstanding spa and sublime staff. The hotel was also ranked World's Best Hotel in the same year, in the Institutional Investor.
In September 2002, L'hôtellerie magazine published a report entitled: "Four Seasons George V Hotel Best Luxurious Hotel in the World in 2002-2003."
In March of the same year, Forbes Global published a survey of 25,000 executives who frequently travel to international destinations. The number one choice of these sophisticated travelers was the Four Seasons George V Hotel in Paris.
Prince Alwaleed acquired the George V in 1996 for $178 million. A two-year $125 million comprehensive renovation was started in December 1997. The total cost of acquiring the hotel and renovation amounted to $303 million, reflecting the Prince’s dedication to restore the glory of this landmark.
Since its reopening in mid December 1999, the Four Seasons George V has become internationally-renowned for its top notch services. When the hotel reopened Prince Alwaleed commented saying, "I am confident that the George V with its new look will be the crown jewel of hotels in the world. Great efforts have been exerted to offer the best luxury services. I am sure that guests of the George V will experience unparalleled service."
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