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News for the Hospitality Executive |
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 DUBAI,
United Arab Emirates, July 26, 2007 - Kingdom Hotel Investments ("KHI"),
the leading international hotel and resort investment company chaired by
HRH Prince Alwaleed Bin Talal, is pleased to announce the acquisition of
the Four Seasons Hotel Jakarta for US$48 million. The acquisition is KHI's
first in Indonesia and reflects the Group's investment and diversification
strategy in high growth emerging markets.
The hotel opened in 1995 as the Regent Jakarta and following a substantial refurbishment, was reopened in July 2004 as the re-branded Four Seasons Hotel Jakarta. It is located in the heart of Jakarta's Golden Business Triangle, the commercial, political and cultural hub of Indonesia. This 365-room hotel is one of the most established hotels in the region. It has good access to the international airport and city attractions such as the National Monument. This transaction further expands KHI's portfolio in Asia to nine properties in seven countries, which now includes the Indonesian hotel market; a market showing real signs of recovery and development, fuelled by economic growth and increases in travel and tourism to the region. KHI will own an 81.9% stake in the hotel. HRH Prince Alwaleed Bin Talal, Chairman of KHI, said: "We continue to see considerable potential and opportunity in the Asian region and are delighted to be announcing today our first investment in the rapidly growing Indonesian hotel market." Sarmad Zok, Chief Executive Officer of KHI, said: "The timing of this acquisition reflects the Company's ability to acquire existing assets with a growth perspective, which in this case will be driven by the market and KHI's active asset management. The Four Seasons Hotel Jakarta is one of the most established hotels in Jakarta with a strong banquet and conference business in a market of high corporate demand. It is in a very central location, close to demand generators and will launch KHI into another dynamic, emerging market territory." About Kingdom Hotel Investments ("KHI"): KHI, headquartered in Dubai (UAE), is a leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, Africa and Europe. The Company has ownership interests in 37 properties in 21 countries of which 14 hotels and resorts are currently under construction or undergoing a substantial renovation or expansion. KHI is listed on the Dubai and London stock exchanges. |
| Contact:
KHI
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| Also See: | After More Than Eight Years of Successful Management, The Regent Jakarta Becomes Four Seasons Hotel Jakarta / July 2004 |
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