Kingdom Hotels, and affiliate of Riyadh-based Kingdom Holding, are seeking financing for a $350 million budget.

“We are in advanced stages of discussions with lenders and expect to raise the amount by the end of this year. It would be used to finance development of projects as well as strengthen capacity of Kingdom Hotel Investments,” Zok said without divulging the names of the lenders involved.

Kingdom Hotels (KHI) posted a net profit of $20.6m for the first half of 2008, an increase of more than 8%. The growth is credited to diversification into high growth markets in Asia and other regions.

Amid reports of cancelled projects, such as the residential component of a project in Da Nang, Vietnam, the company is seeking the multi-million dollar debt figure to help finance growth in other regions of its empire. No clear description of the intended projects was given by KHI.

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