Kingdom Hotel Investments (KHI) has bought the Movenpick Resort & Spa in Mauritius.
The five-star 181-bedroom resort cost the company $50m (£28.5m), including $19.5m (£11.1m) of assumed bank debt.
The hotel and 18-hole golf course has been open since 2004 and has been operated by Movenpick since October 2005.
Movenpick will continue to run the African resort in the newly established Bel Ombre area of South Mauritius.
Chairman of KHI, Prince Alwaleed bin Talal, said: "The acquisition is firmly in line with our strategy to build a group of the world's leading destination resort hotels."
KHI will be the sole owners and are not planning any immediate renovation work.
By Alix Young