International hotel and resort company Kingdom Hotel Investments (KHI), announced Tuesday that it’s revenue per available room (RevPar) declined 11 percent in 2009 compared to the previous year. KHI is owned by Prince Alaweed bin Talal al Saud. Performance improved 3 percent in the three months ending on December 31, 2009, but RevPar in the Middle East during this period fell 7 percent.
KHI said that “the Movenpick Beirut and El Quseir, together with the Four Seasons Damascus, all experienced RevPar rises but were offset by continued significant falls at the Movenpick Dubai. The company said cash balance totaled $351 million and net debt was $173 million on December 31st, 2009.
