Kingdom Hotel Investments has announced the purchase of a 100% stake in a hotel in Kunshan.

KHI has agreed to purchase the unnamed property for approximately US$58 million for its first acquisition in China. The 387-room hotel was opened in October 2005 and is the leading hotel in Kunshan.

The transaction further expands KHI's portfolio in Asia into the important and rapidly growing Chinese hotel market. Earlier this year, KHI announced the acquisition of the Four Seasons in Langkawi, the Fairmont Raffles in Manila and the Raffles hotel in Da Nang.

HRH Prince Alwaleed Bin Talal, chairman of KHI, said, "China is the world's fastest growing economy and with the number of business and leisure travelers to the Yangtze River Delta continuing to increase, we will be well positioned to capitalise on the region's economic growth."