Alwaleed wants to inject $1b into Meridien
Billionaire Saudi businessman Prince Al-Walid bin Talal said Thursday he plans to buy more than 50 percent of Le Meridien and will inject more than one billion dollars to rescue the troubled hotel group. ‘Talks started a month ago when we received (an offer) from majority shareholder Guy Hands … We expect to finalize the agreements within weeks’, he told the London-based Saudi-owned Asharq Al-Awsat daily.
Speaking from London, Prince Al-Walid said he has a three-phase plan to rescue the global hotel chain from liquidation. The first phase would be to reduce debt owed by the group in a process that involves injecting funds ‘by us exceeding one billion dollars’, the prince said.