Saudi Prince buys hotels

Monday 06 October 1997 23:02 BST

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Saudi Prince buys hotels

Prince al-Waleed bin Talal, the Saudi investor, is further expanding his empire with a move into the Swiss hotels industry. The Prince, who recently paid $20m (pounds 12.4m) for a stake in Donna Karan's fashion business, is buying 30 per cent of Movenpick Hotels and Resorts. The group owns 40 hotels with more than 7,000 rooms in 10 countries.

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