Raffles hotel sold to Qatari Diar

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Raffles hotel sold to Qatari DiarQatar’s sovereign property developer, Qatari Diar, will finalize the purchase of the famous Singapore establishment Raffles Hotel. Joseph Conrad, Rudyard Kipling, W. Somerset Maugham, and countless international celebrities have stayed at the historic property.  The deal is the result of a clause in Qatari Diar’s contract with Fairmont Raffles when they purchased a 40% state in the company last year.  It stated that the hotel chain could essentially force QD to purchase the Raffles Hotel for an agreed upon price of $275 million, and both parties are eager to take advantage.  The hotel was previously on the market for $450 million in 2009.

According to Fairmont Raffles Chief Operating Officer, Mark Cahill, “”[Qatari Diar] wanted it as well, which is why it was easy to have it set up that way.” The hotel, famed for being the inventor of the Singapore Sling cocktail, will probably change hands within the week.

 



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Qatar’s sovereign property developer, Qatari Diar, will finalize the purchase of the famous Singapore establishment Raffles Hotel. Joseph Conrad, Rudyard Kipling, W. Somerset Maugham, and countless international celebrities have stayed at the historic property.  The deal is the result of a clause in Qatari Diar’s contract with Fairmont Raffles when they purchased a 40% state in the company last year.  It stated that the hotel chain could essentially force QD to purchase the Raffles Hotel for an agreed upon price of $275 million, and both parties are eager to take advantage.  The hotel was previously on the market for $450...

Raffles hotel sold to Qatari DiarQatar’s sovereign property developer, Qatari Diar, will finalize the purchase of the famous Singapore establishment Raffles Hotel. Joseph Conrad, Rudyard Kipling, W. Somerset Maugham, and countless international celebrities have stayed at the historic property.  The deal is the result of a clause in Qatari Diar’s contract with Fairmont Raffles when they purchased a 40% state in the company last year.  It stated that the hotel chain could essentially force QD to purchase the Raffles Hotel for an agreed upon price of $275 million, and both parties are eager to take advantage.  The hotel was previously on the market for $450 million in 2009.

According to Fairmont Raffles Chief Operating Officer, Mark Cahill, “”[Qatari Diar] wanted it as well, which is why it was easy to have it set up that way.” The hotel, famed for being the inventor of the Singapore Sling cocktail, will probably change hands within the week.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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