Raffles Hotel by Prince Alwaleed bin Talal Alsaud

The most important monument in Singapore, a destination much loved by such luminaries as Somerset Maughan, Joseph Conrad and Rudyard Kipling, the Raffles Hotel has been sold at a price of $ 450 million. The Times newspaper of London has reported a few nights ago, he the Prince Alwaleed bin Talal Alsaud of Saudi Arabia, owner of the company Kingdom Holding Company (KHC) and a majority of shareholders that control the Fairmont Rafflesare the strenuous search a buyer to alleviate the losses suffered by the financial crisis.
A report on Singapore’s Straits Times said that KHC has denied this report and said that the Raffles and Savoy are not for sale.
In May last year, the Raffles Hotel has been the subject of sale, with a proposed $ 650 million by former banker Mark Pawley of Credit Suisse, however, operation not successful term.
Prince Alwaleed, called Warren Buffett (American entrepreneur nicknamed the ‘Oracle of Omaha and the world’s second richest man after Bill Gates) of the Gulf, is considering a series of supplies in response to the severe decline in the value of some of its largest investments . After suffering numerous losses in the value of its investments (two thirds in the last 12 months), from Citigroup, Songbird Estates, Cabnary Wharf, Euro Disney and Rupert Murdoch’s News Corporation in October tried to stabilize .
Real estate industry sources said the group is becoming “more flexible”on price in an attempt to move his other activities, including Raffles, to download between $ 350 million and $ 450 million. Other assets for sale include the Fairmont Copley Plaza, Boston, and the Fairmont Hotel Vier Jahreszeiten in Hamburg, even if the sale of the latter has been hampered by the huge investments required.