Kingdom Hotel Investments, of Dubai in the United Arab Emirates, has acquired two Cambodian hotels, the Raffles Grand Hotel d’Angkor and the Raffles Hotel Le Royal in Phnom Penh, for about US $35 million. The hotels will continue to operate under Raffles Hotels and Resorts management.
The 170-room French-colonial style Raffles Hotel Le Royal opened in 1929. The property is located in central Phnom Penh, with convenient access to the international airport and local attractions.
The Raffles Grand Hotel d’Angkor in Siam Reap is situated eight kilometers (approximately five miles) from the temples of Angkor Wat, a UNESCO World Heritage Site. The hotel, built in the French-colonial style, is a national landmark which opened in 1932. It has 125 rooms.
HRH Prince Alwaleed Bin Talal, Chairman of KHI, said that “Cambodia is an exciting new market for KHI. Demand for hotel accommodation in the region has grown significantly in recent years and Cambodia has benefited from increasing tourism and interest in the cultural heritage and diversity of the region.”
Sarmad Zok, Chief Executive Officer of KHI announced, “We are delighted to have acquired two established hotels in one of Asia’s fastest growing tourist markets. Both are in prime locations in Cambodia, which according to the WTTC ranked (in 2006) the 11th highest in the world for demand growth expectations. KHI is very well positioned to drive shareholder value from this growth.”