Prince Alwaleed bin Talal is selling his holding in Mövenpick Hotels & Resorts in the billionaire investor’s first big deal since he was released after an anti-corruption drive in his native Saudi Arabia.
The prince, once dubbed the world’s richest Arab, was freed in January after being held at Riyadh’s Ritz-Carlton hotel for three months.
Mövenpick, in which the prince’s Kingdom Holding Company has a 33.3% stake, is being acquired by Accor Hotels, the French group behind such brands as Sofitel and Mercure, in a cash deal worth €482m.
