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Kingdom Holding Announces Opening of Raffles Praslin Seychelles Resort & Residences

February 12, 2011

Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud announced that Kingdom Hotel Investments (KHI), the leading emerging markets hotel investment company and a subsidiary of KHC, has opened of the Raffles Praslin Seychelles Resort and Residences. The resort, in which KHI maintains a 91% equity ownership, is expected to cost US$ 145 Million.

Prince Alwaleed commented: “The opening is in line with our investment strategy to develop hotel assets from value realized from sales.”

This ultra-luxury resort is located on the Northeast corner of Praslin, the second largest island in the Seychelles, just a short 15-minute plane ride from the Seychelles International Airport on the main island of Mahe. Overlooking the Indian Ocean and one of the world’s most renowned beaches, Raffles Praslin Seychelles neighbors the Vallee de Mai, one of the many Seychelles treasures and a UNESCO World Heritage site. Enjoying 500 meters of beachfront, the 30-hectare Raffles Praslin Seychelles features 86 villas.

The resort will also feature Raffles Estates, incorporating 3, 4 and 5 bedroom residential homes developed for private ownership. The Estates are now available for sale starting from US$ 3.5 Million. The hotel’s services and amenities will accompany the freehold ownership together with complimentary membership to the global Raffles Ambassadors program.

With this latest addition to their portfolio of high end hotels across Europe, North Africa, the Middle East and Asia, KHI now has three Raffles hotels operating with another set to open in Manila.

Mr. Sarmad Zok, Chairman and Chief Executive Officer of KHI: “We are delighted to open the very first ultra-luxury resort on the island of Praslin. As demand for ‘one-of-a-kind’ experiences continues to accelerate, we expect the Raffles Praslin Seychelles to quickly become one of the most sought after destinations worldwide. Recent increased airlift combined with exceptionally high barriers to entry mean we are confident that the hotel will exceed our return on capital benchmarks.”

The company has ownership interests in 23 properties in 17 countries, with 20 operating hotels and resorts, and 3 hotels and resorts currently under construction in Accra, Marrakech and Manila.