Raffles hotel sold to Qatari Diar
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 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.
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...
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 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.
