A subsidiary of Egypt’s Talaat Moustafa Group Holding says it has acquired the stake held by a Saudi company in the Four Seasons Hotel in Cairo’s Garden City neighborhood.
In a statement Wednesday, the Arab Company for Hotel and Tourism Investments, says it bought out the 43.7 percent minority interest in the hotel from Saudi Kingdom Hotel Investments, a subsidiary of Prince Alwaleed Bin Talal’s Kingdom Holding Company.
It says it paid $145 million for the stake.
The head of the Egyptian group, Hisham Talaat Moustafa, is facing a retrial after being sentenced to death for his involvement in a murder.
An Egyptian court is also due to issue Sept. 14 a ruling on the validity of land sale to the group for a vast housing project outside Cairo.