Saudi Prince Sells Stake in Two 5-Star Hotels in Kenya for Sh2.8 Billion

Saudi Prince Al-Waleed bin Talal has reportedly sold his stake in two five-star hotels in Kenya.

Al-Waleed sold his stake in Fairmont The Norfolk and Fairmont Mara Safari Club through his investment company Kingdom Holding to Nepalese tycoon Binod Chaudhary for Sh2.8 billion, Business Daily reported on Friday.

The sale agreement between Al-Waleed and Chaudhary, who is the founder of Chaudhary Group, was, inked before the Covid-19 pandemic.

Chaudhary Group is a multinational conglomerate with investments in financial services, consumer goods, education, hospitality, energy, consumer electronics, real estate, biotech, and alternative medicine.

“Prince Al-Waleed is no longer in the game after surrendering the ownership of remaining hotel business in Kenya and his investment group is focusing somewhere else,” a local transaction advisor told Business Daily.

The management of the two hotels had on May 28th, 2020, announced their closure citing effects of the Covid-19 pandemic on the hotel business.

As a result, all workers attached to the two facilities were rendered jobless and were set to be served with termination letters by June 5th.

But on Thursday, the hotel group rescinded the decision to fire the employees following a consultative meeting with hotel industry stakeholders.

The move also came days after the office of the Attorney-General, through Solicitor-General Ken Ogeto, wrote a letter to the hotel’s management demanding an explanation on the mass firing.

"This matter is of public importance and great concern to the Government and in view of the Attorney General’s mandate to promote, protect and uphold the rule of law and defend the public interest, this Office should be very grateful if you would provide it with clarification regarding the said media reports and complaints from employees, including on the veracity thereof and the justification for the taking of such action, if this is the case," part of the letter read.