Kingdom Acquires Hotel in China
APRIL 10, 2007. Kingdom Hotel Investments (KHI) announced the acquisition of a 100% stake in an existing hotel in Kunshan, China. KHI has agreed to purchase the property for approximately US$58 million. This is KHI's first acquisition in China and is in line with its investment and diversification strategy.
The 387-room hotel was opened in October 2005 and is the leading hotel in Kunshan, a fast growing economic and industrial hub near Shanghai, situated in the Yangtze River Delta, one of China's fastest growing regions.
The transaction further expands KHI's portfolio in Asia into the important and rapidly growing Chinese hotel market. Earlier this year, KHI announced the acquisition of the Four Seasons in Langkawi (Malaysia), the Fairmont Raffles in Manila (Philippines) and the Raffles hotel in Da Nang (Vietnam).
HRH Prince Alwaleed Bin Talal, Chairman of KHI said, "China is the world's fastest growing economy and with the number of business and leisure travelers to the Yangtze River Delta continuing to increase, we will be well positioned to capitalise on the region's economic growth."
Sarmad Zok, Chief Executive Officer of KHI said, "This hotel in Kunshan is ideally located to access major financial, commercial and tourist centres in the Yangtze River Delta. A significant amount has already been invested in infrastructure throughout China and secondary cities, such as Kunshan are becoming important centres for both trade and tourists."
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