By NNN-Bernama
Dubai : Dubai-based hotel investor Kingdom Hotel Investments (KHI), majority owned by Saudi billionaire Prince Al Waleed Bin Talal, said it has acquired the Four Seasons Hotel Jakarta for US$48 million (RM164.64 million).
KHI will own an 81.9 percent stake in the hotel.
The acquisition is KHI's first in Indonesia and reflects the group's investment and diversification strategy in high growth emerging markets, English daily Gulf News reported the company as saying in an emailed statement.
Prince Al Waleed, chairman of KHI, said the company continues to see considerable potential and opportunity in the Asian region and was delighted to announce its first investment in the rapidly growing Indonesian hotel market.
The hotel opened in 1995 as the Regent Jakarta and following substantial refurbishment, was reopened in July 2004 as the re-branded Four Seasons Hotel Jakarta.
Located in the heart of Jakarta's Golden Business Triangle, the commercial, political and cultural hub of Indonesia, the 365-room hotel is one of the most established hotels in the region.
KHI now has nine properties in seven countries, including the hotel in Indonesia, a market which is showing real signs of recovery and development, fuelled by economic growth and increases in travel and tourism to the region.
Sarmad Zok, chief executive of KHI, said the timing of the acquisition reflects the company's ability to acquire existing assets with a growth perspective, which in this case would be driven by the market and KHI's active asset management.