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Kingdom Hotel Investments Acquires Movenpick Resort & Spa Mauritius
for US $50 million; Movenpick Continues to Operate the Resort
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April 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 . 
 
HRH Prince Alwaleed bin Talal, Chairman of KHI, said: “We are very pleased to add Movenpick Resort & Spa Mauritius to our portfolio. The acquisition is firmly in line with our strategy to build a group of the world’s leading destination resort hotels. Mauritius is at the forefront of tourism growth in the Indian Ocean and this hotel is truly a first class development with a paradise setting.”

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.

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Contact:

Fiona Antcliffe
+44 207 404 5959

www.moevenpick-hotels.com

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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


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