Hotel and resort company Kingdom Hotel Investments (KHI) has announced it has sold part of its minority shareholding in Fairmont Raffles Holdings International for US$12.6m (9.8m euro, £6.6m) to the Canadian pension fund management company OMERS.

Proceeds from the sale – which is further to OMERS’ recent acquisition of seven Fairmont-managed hotels in Canada – will be used for the further expansion and development of the KHI portfolio.

Sarmad Zok, CEO of KHI said: “This transaction allows us to realise an opportunity to monetise our investment at a favourable price and at attractive returns on our initial investment. The cash proceeds will allow us to continue to evaluate and pursue hotel and property developments in emerging markets to further develop our portfolio.”

KHI is chaired by Saudi billionaire HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud. Details: www.kingdomhotels.com