HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) met Mr. Bill Fatt, Chairman and CEO of Fairmont Raffles Hotels International (FRHI) at the Fairmont Headquarters in Toronto. The meeting was attended by Mr. Sarmad Zok, Chairman and CEO of Kingdom Hotel Investments (KHI) and Member of KHC’s Board of Directors, Mr. Shadi Sanbar, KHC’s Executive Director and CFO and Member of the Investment Committee and Mr. Chuck Henry, President of Hotel Capital Advisers. Ms. Heba Fatani, Senior Executive Manager, Corporate Communications Department, Dr. Nahla Alanbar, Private Executive Assistant to HRH the Chairman and Mr. Fahad Bin Saad Bin Nafel, Executive Assistant to HRH the Chairman.
During the meeting, Prince Alwaleed and Mr. Fatt discussed issues related to KHC and Fairmont Hotels in addition to the latest developments for both companies.
KHC has a substantial shareholding in Fairmont Raffles Holdings International, a global leader in luxury hotels with 130 properties in 27 countries.
KHC’s involvement with the Fairmont group dates back to a 1994 investment in what was then Fairmont Hotel Management Co. In 2006, KHC led a $5.5 billion going private transaction of Fairmont in which Colony Capital LLC, an American private equity firm, contributed the Raffles and Swissotel brands and management to the newly formed Fairmont Raffles Hotels International.
Fairmont Raffles organization was repositioned as a truly global manager of luxury hotel properties. KHC has assisted Fairmont Raffles in obtaining new high-value management contracts, including several with KHI. Five of 18 KHI hotels are managed by Fairmont Raffles, as are 4 of 9 KHC stand-alone hotels including the Savoy Hotel in London and The Plaza Hotel, New York.
Subsequently, in 2010, entities controlled by the Qatari government became a significant investor in Fairmont. Colony recently sold its interest in FRHI, leaving KHC and Qatar as the only shareholders of the company.