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Article: Southeast Asia's largest hotel operator sells off hotel business.
- Article from:
- Kyodo News International (Tokyo, Japan)
- Article date:
- July 18, 2005
CopyrightCOPYRIGHT 2005 Kyodo News International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jul. 18--SINGAPORE -- Raffles Holdings said Monday it is selling its entire hotel business, including the landmark Raffles Hotel in Singapore, to U.S. real estate investor Colony HR Acquisitions for S$1.45 billion (US$859 million).
Raffles Holdings said it will earn S$605 million from selling its 26 Swissotel and 15 Raffles hotels and the company's only hotel in Japan, the Swissotel Nankai Osaka in Osaka.
The sale is subject to shareholders' approval, but is expected to be completed by the end of this year.
The sales agreement was inked recently between the two sides and Colony has paid a S$67.4 million deposit for the purchase.
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