Riyadh – Mubasher: Kingdom Holding Company (KHC) has sold its stake in Four Seasons Hotel in Beirut to a Saudi businessman of Lebanese origin with an estimated value of around $100 million, informed sources said on Monday.

The transaction was implemented in December 2017, Reuters reported, citing the sources as saying.

The hotel had been offered for sale since a long period, and the deal is not related to Saudi Arabia's detention of KHC chairman Alwaleed Bin Talal in the anti-corruption crackdown which occurred in November 2017.

The investment arm of Lebanon’s Blom Bank, Blominvest, acted the advisor to KHC for the sale.

A Lebanese source affirmed the sale, citing that KHC's stake in Movenpick hotel in Beirut will be sold soon.

KHC plans to sell other assets in Africa and the MENA as part of its business strategy.