Saudi's Kingdom Holding, run by billionaire Prince Alwaleed bin Talal, said Qatari Diar Real Estate paid $847 million for a 40% stake in Fairmont Raffles Holdings International - Zawya Dow Jones is reporting.
Kingdom Holding said Voyager Partners Ltd., a private investment entity based in the Cayman Islands, acquired the stake for a combination of cash and other consideration, while Qatari Diar's subsidiary QD Hotel & Property Investment Ltd. would steer management contracts to Fairmont Raffles.
Kingdom said its stake in Fairmont Raffles will be reduced to 35% from 58%. Colony Capital is the third largest shareholder in Fairmont Raffles.
Kingdom Holding is listed in the Middle East Investors Directory with the code BFD84 and Qatari Diar is listed with the code BFD107.
More details from Zawya Dow Jones follows