Singapore's Iconic Raffles Hotel Sold to Qatar Fund

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Posted: 22 Apr 2010 | 6:00 am

Sovereign Wealth Fund Qatari Diar has reportedly bought Singapore's iconic Raffles Hotel for US$275 million according to The National newspaper in the Middle East. The deal comes as part of a package which has seen the fund obtain 40% shareholding for US$467 in the Fairmont Raffles hotel chain.

Prince Alwaleed's Kingdom Hotel Investments has moved from a 58% controlling interest in the group to a 35% minority interest in the transaction. KHI owns the Moevenpick Resort in Karon and a few years ago sold its greenfield Raffles development in Tah Sai, Phang Nga to a group including Evolution Capital PCL who changed operator to Ritz-Carlton.

Much speculation remains regarding the management chain which brand stable includes Raffles, Fairmont and Swissotel.

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