Saudi Prince Alwaleed bin Talal is looking to sell the Raffles Hotel for up to $450 million, according to The Times.
He may also sell his controlling stake in hotel group Fairmont Raffles Hotels International, which is owned through his public holding company Kingdom Holding Company, the English daily newspaper said. Kingdom Holding Company could not be reached for comment.
Established in 2006, Fairmont is a joint venture between Kingdom Holding Company and private equity real estate firm Colony Capital. It operates 88 hotels globally under the Raffles, Fairmont and Swissôtel brands.
Fairmont intends to sell its real estate assets to focus on its management business. It also intends to expand its management portfolio, according to the group’s website.
In June 2008, the sale of the Singapore hotel for a reported $650 million to a consortium led by former Credit Suisse banker Mark Pawley was cancelled. Four months later, Grant Kelley, the principal and chief executive of Colony’s Asian operations left the firm to reportedly set up his own outfit.
Colony bought the Raffles Hotel for approximately $200 million in 2005.