It was reported this week that Kingdom Hotel Investments (KHI), a fully owned subsidiary of Saudi Arabian conglomerate Kingdom Holding Company (KHC), has sold its 100% interest in the InterContinental Hotel Lusaka in Zambia, Southern Africa, to Mauritian-based fund QG Africa Hotel LP for a gross consideration of US$35.9 million (approximately US$160,000 per room).

The 224-room hotel is located in the diplomatic district of Zambia’s capital and largest city.

Commenting on the transaction, HVS alumnus Sarmad Zok, chairman and chief executive officer of KHI and a member of KHC's board of directors, said that the sale of the hotel “is part of KHI's ongoing value realization mandate and speaks to the quality of our assets and our team execution."

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