Saudi Billionaire: Fairmont The Norfolk and Fairmont Mara Safari Club hotels have been sold. The two iconic hotels were sold for Sh. 2.8 billion by a Saudi billionaire to a tycoon from Nepal.
The two hotels were sold off by Saudi billionaire Prince Al-Waleed bin Talal. He sold his stake to the Chaudhary Group (CG).
A report on the deal that appeared in the Business Daily on Friday said that; “Chaudhary Group, which is associated with Binod Chaudhary, a billionaire Nepalese lawmaker, has already listed the two hotels among its string of high-end hospitality investments spread in Asia and the Middle East. It says the deal will give it an additional 170 guest rooms and suites, 51 luxury tents and about 10 food and beverage outlets.”
Chaudhry Group is a multi-national conglomerate headquartered in Nepal. Its businesses include financial services, consumer goods, education, hospitality, energy, consumer electronics, real estate, biotech, and alternative medicine. The group owns 136 companies in 15 different business verticals across five continents.
Chaudhary Group has a controlling stake in Nabil Bank, Nepal’s largest private-sector commercial bank. The group operates CG Finco (financial company), United Remit (remittance company), United Finance (financial company), and United Insurance Company.
Is Tuskys collapsing? Suppliers raise red flag over rising debts
“This is the second deal in the region for the Kathmandu-based multinational which also owns Le Relax Hotel in the Indian Ocean island nation of Seychelles. Chaudhary Group also has investments in banking, education, energy, telecommunication and pharmaceuticals with operations in five continents. The Group Chairman and President, Binod, is estimated to be worth $1.4 billion (Sh. 148.5 billion), according to Nepalese media reports.”
CG Group has also recently signed a deal worth $1 million with China’s Huawei to launch 4G services in Nepal.
