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Malaysia Property Developer Buys Swissôtel

News Chinese hotelier Swissôtel changes its owner. Now the company will be run by TA Global – a Malaysian Property developer, which has bought the stakes of the company for US $60.75 million (around US $157,000 per one room) from Kingdom Hotel. The seller is a Dubai-based company that is owned by Prince Alwaleed Bin Talal. According to him, the transaction will be completed in March 2011.

Such action is a part of Kingdom Hotel’s capital allocation strategy. Currently the company plans to get rid from some of its assets and generate capital for future investments, so the sale of Swissôtel that owns a hotel in China is not the only sale we can expect from the Dubai company. Nowadays Swissôtel Kunshan is a popular 5-star hotel, which building costs estimated US $59.3 million. TAG representatives state this deal will be funded from inner financial assets of the company. TAG also plans to make some external borrowings.

From the Kingdom Hotel’s side the transaction representative is Jones Lang LaSalle Hotels.

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