for US $50 million; Movenpick Continues to Operate the Resort
14, 2006 - Kingdom Hotel Investments (“KHI”) announces the acquisition
of the Movenpick Resort & Spa Mauritius for US $50m including bank
debt of US $19.5m. As a result of the transaction, KHI will be the sole
owner of the five star hotel, formerly Movenpick Voile d’Or Resort &
Spa, which is located in the newly established Bel Ombre resort area in
Southwest Mauritius. The acquisition has also resulted in a change in the
Hotel’s name: the term "Voile d’Or" is to be omitted, and the resort will
now be called Mövenpick Resort & Spa Mauritius.
The five-star resort and spa opened in 2004 and has been operated by Movenpick since October2005 . Movenpick will continue to operate the resort under KHI’s ownership.
This acquisition represents a unique opportunity to secure a prime property
in one of Africa’s most prestigious resort markets and is in line with
KHI’s international expansion strategy to penetrate the first class and
luxury market segments in high growth markets. KHI expects the hotel to
achieve its target return on capital employed by2008 .
Sarmad Zok, Chief Executive Officer of KHI, said: “We see tremendous potential at the Movenpick Resort & Spa Mauritius. This is a fast-growing area of tourism and this hotel has the potential to becoming one of the island’s leading resort properties.”
KHI, headquartered in Dubai, UAE, is a leading hotel and resort acquisition and development company focused on the first class and luxury market segments in high growth markets such as the Middle East, Africa and selected markets in Europe. The Company has ownership interests in 26 properties in 13 countries including 15 operational hotels and resorts (3,262 rooms) and 11 hotels and resorts (3,203 rooms) currently under construction or in the initial stages of development.
Four Seasons Hotels & Resorts, Fairmont Hotels & Resorts and M?venpick Hotels & Resorts manage the operating hotels in KHI's portfolio.
|Also See:||Fairmont Announces Agreement To Be Acquired By Kingdom Hotels And Colony Capital; Fairmont and Raffles to Combine, Creating a US$5.5 Billion Global Luxury Hotel Leader / January 2006|
|Mövenpick Hotels & Resorts Takes Over the Management of the Voile d’Or Resort & Spa on Mauritius / September 2005|