Raffles sells ALL hotels!!!
Jul 18, 2005 | 8:04 am
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Raffles sells ALL hotels!!!
Breaking Hospitality News: July7 20, 2005
Singapore's Raffles Holdings Sells All Hotels
Singapore's iconic 117-year-old Raffles Hotel has been sold, along with 40 other hotels and properties worldwide to U.S.-based investment fund Colony Capital LLC for 1.72 billion Singapore dollars (US$1 billion; euro846 million), its former parent Raffles Holdings Ltd. said Monday.
The deal includes all 41 hotels and resorts around the world marketed under the Raffles and Swissotel brand names.
Its most prominent establishment is the luxurious 103-suite Raffles Hotel in
Singapore, built in 1887. The hotel's colonial-style architecture houses a tropical garden courtyard, museum, and Victorian-style theatre.
The hotel is an official national monument named after the city state's modern
founder Sir Stamford Raffles and is a known source of inspiration for writers W. Somerset Maugham, Joseph Conrad and Rudyard
Kipling.
It has also played host to hundreds of celebrities ranging from Michael Jackson to Charlie Chaplin.
Colony Capital, which specializes in owning hotels and other hospitality assets, said it will retain the Raffles and Swissotel brands and plans to expand the chains, particularly in Asia.
"We deeply respect the historical significance of the Raffles Hotel Singapore and we consider it our responsibility to protect that legacy," Colony chief executive Thomas J. Barrack said.
CapitaLand Ltd., Southeast Asia's largest property developer that owns 59.7 percent of Raffles Holdings, said in a statement Monday it will gain S$605 million (US$362 million; euro299.84 million) from the sale and plans to pay shareholders a special dividend of S$0.40 a share.
The cash price for the hotels is S$1! .45 billion (US$859 million; euro713 million).
Colony Capital, a private investment firm based in Los Angeles, also owns a number of U.S. casinos, including the Las Vegas Hilton and Resorts International in Atlantic City.
Singapore's Raffles Holdings Sells All Hotels
Singapore's iconic 117-year-old Raffles Hotel has been sold, along with 40 other hotels and properties worldwide to U.S.-based investment fund Colony Capital LLC for 1.72 billion Singapore dollars (US$1 billion; euro846 million), its former parent Raffles Holdings Ltd. said Monday.
The deal includes all 41 hotels and resorts around the world marketed under the Raffles and Swissotel brand names.
Its most prominent establishment is the luxurious 103-suite Raffles Hotel in
Singapore, built in 1887. The hotel's colonial-style architecture houses a tropical garden courtyard, museum, and Victorian-style theatre.
The hotel is an official national monument named after the city state's modern
founder Sir Stamford Raffles and is a known source of inspiration for writers W. Somerset Maugham, Joseph Conrad and Rudyard
Kipling.
It has also played host to hundreds of celebrities ranging from Michael Jackson to Charlie Chaplin.
Colony Capital, which specializes in owning hotels and other hospitality assets, said it will retain the Raffles and Swissotel brands and plans to expand the chains, particularly in Asia.
"We deeply respect the historical significance of the Raffles Hotel Singapore and we consider it our responsibility to protect that legacy," Colony chief executive Thomas J. Barrack said.
CapitaLand Ltd., Southeast Asia's largest property developer that owns 59.7 percent of Raffles Holdings, said in a statement Monday it will gain S$605 million (US$362 million; euro299.84 million) from the sale and plans to pay shareholders a special dividend of S$0.40 a share.
The cash price for the hotels is S$1! .45 billion (US$859 million; euro713 million).
Colony Capital, a private investment firm based in Los Angeles, also owns a number of U.S. casinos, including the Las Vegas Hilton and Resorts International in Atlantic City.
