Skift Take
Saudi's Prince Al Waleed has invested in - or bought - some of the world's most famous hotels, including The Plaza in New York and Four Seasons in Paris. Now, he's adding hotels in his own country.
Saudi billionaire and royal family member Al Waleed bin Talal Al Saud has snapped up a 50% stake in the upcoming Four Seasons resort in the ultra-luxurious Red Sea project in Saudi Arabia for $266 million, according to a release from Red Sea Global.
It marks the first time Al Saud has added a hotel in his own country to his portfolio of five-star properties.
His firm, the Kingdom Holding Company, owns the world-famous Four Seasons Hotel George V in Paris, has a majority stake in The Savoy in London, and used to own one of New York’s best-known old-money hotels: The Plaza.
What the upcoming Four Seasons Resort Red Sea lacks in heritage compared to his other properties, it makes up for in luxury. Expected to open in two years’ time, it will have 149 rooms and suites, plus 31 residential properties, as well as six restaurants and “lounge outlets.” It will also have meeting and events spaces, a marine discovery center, and a kids area.
Kingdom Holding’s investment is in partnership with the project’s master developers, Red Sea Global. Saudi’s Public Investment Fund owns nearly 17% of Kingdom Holding, with Prince Al Waleed holding more than 78%.
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Tags: hospitality news, hotel news, Saudi Tourism