Kingdom Hotels and Investments (KHI) sold its 39.3% stake in the Four Seasons Resort at Sharm El-Shaikh in Egypt for $70 million. KHI is chaired by Prince Alwaweed bin Talal. Implications of the agreement are that KHI will realize $178 million from the enterprise value of the resort and ancillary real estate.
Four Seasons continues to manage the Four Seasons Resort at Sharm El-Shaikh. Kingdom Holdings and Bill Gates co-own Four Seasons, each holding a 47.5% stake, while Isador Sharp owns the remaining 5%. CEO Sarmak Zok said he was very pleased with the deal and called it “a strong demonstration of our value realization model”.
