Prince Alwaleed bin Talal’s KHC sells Movenpick Hotels to AccorHotels

Prince Alwaleed bin Talal’s KHC sells Movenpick Hotels to AccorHotels: Prince Alwaleed bin Talal’s Kingdom Holding Company (KHC) and its partners have signed an agreement to sell Movenpick Hotels and Resorts (MHR) to AccorHotels for CHF 560 mn (USD 567 mn), according to a statement by KHC. The transaction, which is expected to be completed in 2H2018, will “enable MHR to benefit from Accor’s leading distribution channels, global operating systems, innovative digital technology and attractive loyalty program,” the company said. KHC subsidiary Kingdom Hotels holds a 33.3% equity interest in MHR.