Detained Saudi prince with Armenian roots selling his assets
Saudi Arabian investment firm Kingdom Holding has sold its stake in the Four Seasons Hotel in Beirut for around $100-115 million including debt, sources told Reuters on Monday.
One source said the buyer is a Saudi businessman of Lebanese origin and the deal was done in December.
Sources have told Reuters the hotel had been up for sale for a long time and was not linked to the detention in November of Kingdom Holding’s billionaire chairman, Prince Alwaleed bin Talal—who has Armenian roots, in a Saudi government anti-corruption drive.
Another Lebanese source confirmed the sale and said Beirut’s Movenpick hotel—in which Kingdom also has a stake—is also in the process of being sold. Negotiations with a potential buyer have begun, the source said.
Prince Alwaleed, a prominent Saudi investor whose net worth has been estimated by Forbes magazine at $17 billion, was one of several princes, ministers and former ministers detained in the Saudi government crackdown.
Detained for over two months, he is currently negotiating a possible settlement with authorities.
Aside from Kingdom Holding, Prince Alwaleed holds stakes in several big international firms including Citigroup, Twitter, ride-hailing firm Lyft, and Time Warner.
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