Saudi Prince Sells Hotel Stake
One of the world's richest men, Prince Alwaleed bin Talal (#19 on the Forbes list for 2008), has made his portfolio a little lighter this week. Alwaleed is the head of Saudi Arabia's Kingdom Holding which has sold its 50 percent stake in the exclusive Four Seasons Hotel des Bergues in Geneva. Kingdom Holdings made $60 million on the deal for the hotel which it bought into in 2003. In 2005, it sold 50 percent stake in the hotel to Britain-based Cedar Capital Partners. The company says the sale is just part of its normal business practices of buying and selling hotel assets around the world. Kingdom Holdings still owns a 47.5 percent stake in Four Season Hotels and Resorts which manages Hotel des Bergues.