June 1 (Bloomberg) -- Kingdom Hotel Investments sold the Movenpick Resort & Spa in Mauritius, located in the Indian Ocean, for 150 million riyals ($40 million) to Hawaii-based Outrigger Hotels and Resorts.
The subsidiary of Kingdom Holding Co. completed the transaction on May 29, it said in a statement to the Saudi stock market today.
Kingdom Holding focuses on acquiring stakes in high-value hotels and real estate in the Middle East and internationally. Its Kingdom Hotel unit owns stakes in 20 resorts and hotels in 15 countries, with two more hotels under constructions, according to Kingdom Holding’s website.
The Raffles Seychelles Resort and Residence, in which Kingdom Hotel holds a 38 percent stake and which is valued at $137 million and managed by Fairmont, opened on May 27, according to Kingdom Holding. The event was attended by Prince Alwaleed bin Talal, the world’s 17th-richest person according to the Bloomberg Billionaires Index.
To contact the reporter on this story: Deema Almashabi in Riyadh at firstname.lastname@example.org
To contact the editor responsible for this story: Shaji Mathew at email@example.com