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Article: Colony Capital to purchase 41 luxury hotels from Raffles Holdings.(Commercial)(Brief Article)
- Article from:
- Mortgage Banking
- Article date:
- September 1, 2005
CopyrightCOPYRIGHT 2005 Mortgage Bankers Association of America. 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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COLONY CAPITAL LLC, LOS ANGELES, HAS entered into an agreement to purchase all of the hotel interests of Raffles Holdings Ltd., Singapore.
The transaction, which is expected to close at year-end and is subject to share-holders' approval, will be comprised of 15 Raffles Hotels & Resorts and 26 Swissotel Hotels & Resorts in 35 destinations for approximately US$1 billion.
Colony will maintain all operations under the current flags, and will look for opportunities to selectively grow the franchise, especially in ...