Kingdom Hotel profits up 179%

Kingdom Hotel Investments (KHI), the group, which includes Four Seasons and Movenpick has posted net profit of $12.3 million for 2005, up 179 percent from the previous year. KHI’s revenues rose 53 percent to $58.8 million while earnings before interest, tax, depreciation and amortisation (EBITDA) grew 105 percent to $18.0 million.

“KHI’s performance demonstrates the strength of our strategy of acquiring under performing assets with clear potential, supported by active asset management,” said the company’s chairman, Saudi billionaire Prince Alwaleed bin Talal in a statement.

The company’s revenue per available room (RevPAR) increased by 23 percent to $81.