Riyadh: Kingdom Holding Co (KHC) has announced the sale of the Fairmont Copley Plaza, Boston, that was fully owned by Fairmont Raffles Holdings International, for $100 million (Dh367 million).
The hotel remains under the management of Fairmont Raffles.
Prince Al Waleed Bin Talal, chairman of KHC, said: "We are delighted to realise the value of this investment. The hotel remains under the management of Fairmont in which Kingdom Holding holds a stake. We continue to be committed to creating and realising value in our investments in the US."
Fairmont Raffles is an integral component of KHC's diverse hotel portfolio. Recently, KHC announced an $847 million transaction with Qatari Diar involving Fairmont Raffles Holdings International.
Under the agreement, Voyager has acquired for a combination of cash and other consideration a 40 per cent shareholding in Fairmont Raffles Holdings International.
In addition, Qatari Diar Hotel and Property Investment Ltd has undertaken to provide Fairmont Raffles Holdings International with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel.
In 2006, Kingdom and Colony completed the acquisition of Fairmont Hotels and Resorts which was combined with the Raffles Hotels Group.
The Fairmont Copley has been a symbol of Boston's rich history and elegance since its gala opening in 1912, with 383 guestrooms with lavish décor. It remains a major landmark in Boston.
