Prince Alwaleed said to sell stake in Four Seasons Damascus

15/03/2018 Argaam

 

Saudi Arabia’s Prince Alwaleed bin Talal has sold his stake in the Four Seasons Damascus to Syrian businessman Samer Foz, Financial Times reported on Wednesday, citing sources familiar with the matter.

 

The sale was finalized while the billionaire prince was detained in an anti-corruption probe led by Crown Prince Mohammed bin Salman, which began in November.

 

The stake sale comes as part of the Kingdom Holding Co. (KHC) conglomerate’s plans to divest hotel assets, it was reported.

 

In January, Reuters reported that KHC had sold its stake in the Four Seasons Hotel in Beirut for around $100-115 million including debt.

 

The buyer was said to be a Saudi businessman of Lebanese origin, and the deal was carried out in December.

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