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Article: Colony Capital in Agreement to Purchase 41 Luxury Hotels from Raffles Holdings.
- Article from:
- Business Wire
- Article date:
- July 18, 2005
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SINGAPORE -- Colony Capital, LLC, a leading international investment fund with more than 15 years of experience investing in global hospitality assets, announced today that it has entered into an agreement to purchase all of the hotel interests of Raffles Holdings Limited, comprised of 15 Raffles Hotels & Resorts and 26 Swissotel Hotels & Resorts in 35 destinations, for approximately US$1 billion.
The transaction, which is expected to close by year end, and is subject to shareholders' approval, includes the fabled Raffles Hotel Singapore, one of the world's foremost hotel assets and the cornerstone of Singapore's hospitality industry.
"We are honored to ...