The newspaper cited an undisclosed source familiar with the case and reported that a Lebanese bank has been commissioned to find potential buyers for the luxurious Four Seasons Hotel and Movenpick Hotel in Beirut.
The bank has reportedly been instructed to carry out a comprehensive appraisal of the hotels to establish its assets and liabilities and evaluate its commercial potential, known in business terms as 'due diligence'.
"The bank is supposed to complete due diligence in one month or less. Once due diligence is completed, the results will be announced to the public," the source told The Daily Star.
The reasons behind the potential sale of Prince Alwaleed's assets in Lebanon were not disclosed. However, both five-star hotels are amongst the key Lebanese assets of the Saudi-owned Kingdom Holding Co.
Prince Alwaleed bin Talal sells entire stake in 21st Century Fox
The latest news comes after it was reported by the Guardian last week that Prince Alwaleed bin Talal had sold his $1.5 billion stakes in 21st Century Fox, the entertainment company controlled by Rupert Murdoch.
Prince Alwaleed arrested as part of Saudi Arabia's crackdown on corruption within the kingdom
According to numerous regional and international news outlets, Prince Alwaleed was amongst 11 princes, 4 current ministers, several businessmen, and a number of former government ministers that were arrested under orders from the new anti-corruption committee headed by the Crown Prince Mohammed bin Salman.
Crown Prince Mohammed bin Salman: "No one is above the law..."
Who is Prince Alwaleed bin Talal?
The outspoken businessman and investor once dubbed the "richest Arab in the world" was born in 1955. He is the grandson of the first king of Saudi Arabia, Abdulaziz Ibn Saud.
Through his investment company, Kingdom Holding Co., Prince Alwaleed owns or has stakes in Citigroup, Twitter, Lyft, Euro Disney, luxury hotels across the world, a tower under construction in Saudi Arabia that will soon be the world’s tallest building and, up until recently, 21st Century Fox.
According to Forbes, his personal wealth amounts to $16.7 billion.