Prince Alwaleed Bin Talal Selling Off The Singapore Raffles Hotel
Last year I mentioned that Saudi multi-billionaire Prince Alwaleed Bin Talal was looking to unload Singapore's historic Raffles Hotel as part of his great hotel sell-off. At that point the price was reported to be $450 million but it looks like he was willing to accept a lot less. The hotel has been sold to Qatari Diar investment fund in a deal worth $275 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.
The London Times reports that the deal includes plans to refurbish the hotel and revamp the adjacent retail and leisure facilities adding another 78 guest rooms. Fairmont Raffles would continue to run the hotel. Fairmont Raffles was created from the merger four years ago of the Fairmont and Raffles groups and runs more than 100 hotels. Qatari Diar already owns Le Royal Monceau in Paris, which is set to reopen under the Raffles brand this year after its Philippe Starck-led makeover.