Saudi Prince Al Waleed puts 'two luxury hotels on sale' in Lebanon: reports
Lebanese newspaper Daily Star reported that a bank in the country was performing due diligence on the assets in a bid to find buyers
Prince Alwaleed bin Talal have reportedly put two of his luxury Lebanese hotels on sale in Beirut. The hotels according to The Daily Mail are Four Seasons hotel and Movenpick hotel in Beirut.
Lebanese newspaper Daily Star reported that a bank in the country was performing due diligence on the assets in a bid to find buyers. The paper reported a source as saying, "The bank is supposed to complete due diligence in one month or less. Once due diligence is completed, the results will be announced to the public."
However the reasons for the sale of Prince Alwaleed’s assets in Lebanon were not disclosed. The report also added that the Four Seasons Hotel Beirut could be sold for US $110 million. However, the asking price for the hotels will only be established after the completion of due diligence, according to the newspaper's source.
Kingdom Holding Company (KHC), the investment vehicle of Saudi billionaire Prince Alwaleed recently sold its 90% stake in the Four Seasons Resort Langkawi, Malaysia. Based in Riyadh, KHC also holds interests in marquee properties such as the George V in Paris, the Plaza Hotel in New York and London’s Savoy Hotel. Its global hotel brands include the Four Seasons, Fairmont Raffles, Movenpick, Swissotel and Accor.
HotelierMiddleEast.com reached out to Four Seasons Beirut for comment. A spokesperson for the hotel said in a statement: "Four Seasons is a management company, and we generally do not own the hotels we operate. Four Seasons continues to operate Four Seasons Hotel Beirut as usual and will continue to do so under the conditions of its long-term management agreement. As always, our objective is to provide our guests with a memorable experience. Our employees are committed to doing what they do best – providing service that is personal, consistent and genuine. Any questions related to the potential sale of the hotel are best directed to the owner, Kingdom Holding company."