Lebanese investment firm Ashour Holding reportedly acquired the shares of Saudi Prince al-Waleed bin-Talal in the Movenpick Hotel & Resort-Beirut for $134m. Inaugurated in July 2002 in the Raouché area of Beirut, the Movenpick is a self-contained multi purpose 5-star luxury hotel facility and beach resort with 293 rooms, 72 chalets, 1,010 cabins, 6 restaurants, convention and banqueting halls, retail space for 35 shops, and a health spa.
It also has 4 swimming pools and a marina that can host and service 140 boats. The $143m project was financed through $97m in equity and $46m in debt. Prince al-Waleed bin Talal, who has a 30% stake in Movenpick Hotels & Resorts worldwide, owns 100% of the Movenpick in Beirut. Ashour Holding has interests in construction, leisure, entertainment, education, consumption, and business services.
Lebanon Weekly Monitor – Bank Audi Research
7 January
