Singapore's Raffles Hotel to change hands
by Martin Nash | 08 Apr 2010
Singapore's iconic Raffles Hotel has been acquired by Qatari Diar, the real estate arm of the Qatar Investment Authority, for US$275m (£181m, €206m, S$384m).
The arrangement also sees Qatari Diar injecting US$467m (£307m, €350m) into current owner Toronto-based Fairmont Raffles, in exchange for a 40 per cent stake in the hotel chain. This, plus US$105m (£69m, €79m) in hotel management contracts, brings the overall cost of the deal to US$847m (£557m, €635m). The 103-room, 123-year old hotel - famed for its colonial grandeur, its legendary former guest list and the creation of the Singapore Sling cocktail - is expected to undergo a programme of refurbishment which it is said will include the addition of a further 78 rooms and a revamp to its retail and leisure facilities.
Fairmont Raffles operates around 100 hotels in 24 countries - of which the Singapore property is one and London's Savoy Hotel another - under the Raffles, Fairmont and Swissotel brands. Image courtesy of Bjørn Christian Tørrissen
Singapore's iconic Raffles Hotel has been acquired by Qatari Diar, the real estate arm of the Qatar Investment Authority, for US$275m (£181m, €206m, S$384m). The arrangement also sees Qatari Diar injecting US$467m (£307m, €350m) into current owner Toronto-based Fairmont Raffles, in exchange for a 40 per cent stake in the hotel chain. This, plus US$105m (£69m, €79m) in hotel management contracts, brings the overall cost of the deal to US$847m
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by Megan Whitby | 22 Mar 2024
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by Liz Terry | 11 Jan 2024
Huafa Snow World, a 131-hectare sport and entertainment destination in Shenzhen, China, designed by architecture firm, 10 Design is slated to open in 2025. The development is anchored by a 80,000sq m indoor ski resort, currently expected to be the largest of its kind in the world when it opens. Huafa Snow World will have a balance of retail, entertainment, commercial, hospitality, civic and cultural elements with the aim of
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by Megan Whitby | 05 Jan 2024
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