Prince Alwaleed: “Strategic acquisition is consistent with Kingdom Holding’s investment strategy”
Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announced that Fairmont Hotels and Resorts has purchased the Fairmont Sonoma Mission Inn and Spa, Sonoma County, California for $88 million. KHC owns a stake of 35% in Fairmont Hotels and Resorts. Fairmont has been managing the historic 228-room resort since 2002. Blessed by natural mineral hot springs in Sonoma Valley, Sonoma County, California and an idyllic, world famous region abundant with local products, including the Willow Stream Spa, championship Sonoma Golf Course and signature restaurant, the Michelin award winning Santé. The Mission Inn and Spa is one of the only luxury spa resorts in the country with its own source of thermal mineral water.
Prince Alwaleed commented: “This strategic acquisition is consistent with Kingdom Holding’s investment strategy. We continue to expand our hotel portfolio for further growth and development in the hotels’ sector.”
Prince Alwaleed has investments in five hotel management companies, through KHC, managing more than 300 hotels around the world, which are Four Seasons Resorts and Hotels, Fairmont Hotels and Resorts, Raffles Hotels and Resorts, Movenpick Hotels & Resorts and Swissotel.
Fairmont Raffles is an integral component of KHC’s diverse hotel portfolio. In 2010, KHC announced an US$847 Million transaction with Qatari Diar involving Fairmont Raffles Holdings International (FRHI). Under the agreements, Voyager has acquired for a combination of cash and other consideration a 40% shareholding in FRHI. In addition, QDHP has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel. In 2006, KHC and Colony completed the acquisition of Fairmont Hotels and Resorts which was combined with the Raffles Hotels Group.