Billionaire Saudi Prince To Put More Hotels Up For Sale

by Deidre Woollard (RSS feed)
Apr 17th 2009 at 10:01PM

You know it's bad out there when one of the world's richest men, Prince Alwaleed of Saudi Arabia is divesting himself of his assets like it's going out of style. We last wrote about Prince Alwaleed last month when his Kingdom Holding company sold its 50 percent stake in the exclusive Four Seasons Hotel des Bergues in Geneva and he's not done yet, two of the world's most famous hotels may be up for sale.

Prince Alwaleed, who is worth $13 billion after seeing his wealth tumble from $21 billion last year, is putting the Raffles of Singapore hotel up for sale for $450 million. The legendary hotel was once the home of writer Somerset Maugham and has been around since 1887. This is the hotel that gave us the cocktail known as the Singapore Sling and has been a stopping place for decades of movie stars.

Also said to be up for sale is London's Savoy hotel. The historic London hotel is currently receiving a major renovation. Its sale price could be around £200 million, the same at which Irish property investment specialists Quinlan Private sold it for in 2005.

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