Hotel and investment company Kingdom Hotel Investments (KHI) has acquired two Raffles hotels and spas in Cambodia for the combined value of US$35m (25.3m euro, £17.01m).

The two hotels – the Grand Hotel d’Angkor in Siem Reap and the Hotel Le Royal in Phnom Penh – are KHI’s first in Cambodia.

The Raffles Hotel Le Royal first opened in 1929 and is located in the heart of Phnom Penh. It has a luxury day spa and a total of 170 bedrooms.

The Raffles Grand Hotel d’Angkor launched in 1932, also has a day spa, and is located 8km away from the famous temples of Angkor Wat.

According to the group, its two latest acquisitions represent its diversification strategy in high growth emerging markets.

KHI’s CEO Sarmad Zok, said: “We are delighted to have acquired two hotels in one of Asia’s fastest growing tourist markets. Both are in prime locations and KHI is well positioned to drive shareholder value from this growth.”