Beirut's Mövenpick Hotel sold for $125 million to local and Saudi investors
Saudi-based Kingdom Holding Company (KHC), a publicly listed company directed by Prince Alwaleed Bin Talal, has sold 95 percent of the 5-star Mövenpick Hotel Beirut property in Raouche.
The hotel has been sold for more than $125 million.
The property was bought by two companies: Universal Pan and Pine. One of the companies’ shareholders are Lebanese and Saudi. Ali Dayekh is one of the shareholders. He had purchased the Four Seasons hotel earlier this year, also from Kingdom Holding for around $100-$115 million.
The property will remain operating under the same management. Mövenpick Hotel includes 292 rooms and suites.