Saudi Prince Alwaleed’s Kingdom Holding Co. reportedly has sold its stake in the Four Seasons Damascus to Samer Foz, a businessman with apparent ties to Syrian President Bashar al-Assad, according to a report in the Financial Times, citing sources familiar with the transaction.
A returned email from Kingdom Hotel Investments leadership sent by HOTELS to confirm the transaction only stated it does not comment on Kingdom subsidiary businesses.
The sale reportedly was completed while Prince Alwaleed was detained during an anti-corruption campaign led by Saudi Crown Prince Mohammed bin Salman, which began in November and wound down last month. He also reportedly sold the Four Seasons in Beirut during his detention.
The Financial Times reported that Foz, a relatively unknown businessman before Syria’s seven-year conflict, has seen his profile rise during the war. Multiple sources for the FT story said Foz has direct ties to Assad’s inner circle. He reportedly has businesses across the Middle East, including a water company and investments in hotels and a gold mine in Turkey, according to an interview he gave to Arabisk magazine and reports in Syria’s economic news outlet, al-Iqtisadiya.
The report also stated that the Four Seasons Damascus is believed to be the best-performing asset in Four Seasons’ portfolio of 17 Middle East and North African hotels.