Saudi- Kingdom Holding sells hotel stake

(MENAFN- Gulf Times)  RIYADH - Saudi Arabia's Kingdom Holding Company has sold its interest in the Movenpick Resort and Spa Mauritius hotel for SR150 million ($40 million), it said in a bourse statement on Saturday. Its stake was bought by Hawaii-based Outrigger Hotels and Resorts, it said. Kingdom Holding, the investment vehicle for billionaire Prince Alwaleed, will sell 20-30 hotels in the next two years while retaining ownership of its stake in major hotel management companies and in specific high-end hotels, Alwaleed told Reuters last month. "The subsidiary of Kingdom Holding Company completed the transaction on May 29," it said in a statement to the Saudi stock market on Saturday. Kingdom Holding focuses on acquiring stakes in high-value hotels and real estate in the Middle East and internationally.