Alwaleed bin Talal’s hotels in Beirut for sale

CAIRO – 14 November 2017: A Lebanese commercial bank has been commissioned to find buyers for the posh Four Seasons Hotel Beirut and Movenpick Hotel Beirut, which are partly owned by the chairman of Kingdom Holding Co., Prince Alwaleed bin Talal, according to Lebanese newspaper Daily Star.

The reasons for the sale of Prince Alwaleed’s assets in Lebanon were not disclosed, Daily Star added.

The two five-star hotels are among the key assets of the Saudi-based Kingdom Holding Co. in Lebanon.

There were reports that the Four Seasons Hotel Beirut could be sold for $110 million, a price far below the real value of the landmark, 300-room hotel. However, the source stressed that the asking price for the hotels would be established after the completion of due diligence, the newspaper revealed.

On November 4, Saudi Arabia announced the arrest of the billionaire investor, along with at least 10 other princes, four ministers and dozens of former ministers on charges of corruption.