As a result of this transaction, Prince Alwaleed now holds approximately 4.9% of FHR’s issued and outstanding shares. Commenting on the closing, Prince Alwaleed said, 'We are pleased with this transaction as it increases our investment in FHR. We intend to be a long-term investor and we look forward to our continued relationship with FHR.'

FHR purchased the initial 50% equity interest in the hotel in July 2001 and at that time committed to a substantial guestroom renovation and upgrade. The renovation program, which began in November 2002, is expected to be completed by early 2004.