KHI, ALI forge partnership

Leading property developer Ayala Land Inc. (ALI) has entered into a joint venture arrangement with Dubai-based Kingdom Hotel Investment (KHI) to build a $153-million hotel complex that will rise in the Makati central business district.

KHI founder and chairman, Prince Alwaleed bin Talal bin Abdulaziz Alsaud, member of the Saudi royal family, arrived in the country early last week as head of a 40-member delegation to meet with ALI executives, led by chairman Fernando Zobel de Ayala and president Jaime Ayala. His five-hour stay in the Philippines was part of his visit in Asia to scout for new properties for KHI. Alwaleed also paid a courtesy call on President Arroyo in Malacanang.

Prince Alwaleed has real estate ownership interests in hotel and resort properties throughout the world and has significant equity investments in leading international hotel management companies, namely Four Seasons Hotel and Resorts, Fairmont Hotels and Resorts, Raffles Hotels and Resorts, and Movenpick Hotels and Resorts, which manage hotels throughout the world.