[photopress:traderskunshan.jpg,full,alignright]Kingdom Hotel Investments, an investment company headed by HRH Prince Alwaleed Bin Talal of Dubai, UAE, has bought an existing hotel in Kunshan, China, for approximately US$58 million. This is KHI’s first acquisition in China.
The 387-room hotel was opened in October 2005 and is the leading hotel in Kunshan, a fast growing economic and industrial hub near Shanghai.
Earlier this year, KHI announced the acquisition of the Four Seasons in Langkawi (Malaysia), the Fairmont Raffles in Manila (Philippines) and the Raffles hotel in Da Nang (Vietnam).
Sarmad Zok, Chief Executive Officer of KHI, said: ‘This hotel in Kunshan is ideally located to access major financial, commercial and tourist centers in the Yangtze River Delta.’
In fact, it has not been officially stated which hotel has been bought but there is little doubt it is the Traders Hotel in Qianjin Zhong Road as shown in our illustration.
Source: Hospitality Net