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KHI is looking at african hotels developments

For $60 million, KHI, the investment vehicle of Prince Al-waleed, along with IFA group of Kuwait and Fairmont Hotels & Resorts, is acquiring the five existing assets of Lonhro Hotels in Africa. The portfolio is totalling over 400 rooms, and includes the historic Norfolk Hotel in Nairobi and the famous destination resort of the Mount Kenya Safari Club. The remaining three hotels are located in popular tourist destinations, such as the Masai Mara. Lonrho Hotels Kenya will be re-branded to Fairmont Hotels & Resorts, which will take over the management, in mid-2006 during the renovation and repositioning of the properties.

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