Raffles Hotel deal is off after all

Raffles Hotel deal is off after all 

 

— TEO XUANWEI

 

 

A CONSORTIUM :led by former Credit Suisse banker Mark Pawley that was to have bought the grand dame has called the deal off, :The Business Times: (BT) reported on Friday.

.

“We regret to say that the sale will not be completed as planned,” a consortium spokeswoman was quoted as saying. “The consortium is very disappointed with the current outcome as we had hoped for a win-win solution involving all parties.”

.

A spokeswoman for Raffles Hotel confirmed the news with Today. Both parties declined to give reasons for the deal being called off, citing confidentiality clauses.

.

The spokeswoman for the buyers, according to BT, also rebuffed suggestions that the consortium might have faced funding problems, saying: “We have the money. To say otherwise is baseless.”

.

The hotel sale, including the adjoining shopping arcade, was announced on May 8. The deal was reported to be in the range of $650 million.

.

Fairmont Raffles Hotels International — controlled by Saudi billionaire Prince Alwaleed Talal and American-based private equity firm Colony Capital — had bought over the iconic hotel for $1.7 billion only in 2005. They would have continued running the property through a management contract if the sale had gone through.

 

Source: Today Newspaper

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s