It is an open secret now. Prince Alwaleed Bin Talal, the Saudi multi-billionaire, is seeking to get rid of a lot of his unreuiqred luxuries in a great sell-off. The historic Raffles Hotel in Singapore included. Initially, the reported selling price was $450 million but from what we hear, the royal owner is more than willing to accept a lot less.
The new owner of the hotel is a Qatari Diar investment fund which paid $275 million to close the deal. Might we remind you that the legendary hotel was once the home of the famous writer Somerset Maugham and has been around since 1887. In fact, this hotel is the same place responsible to give the cocktail called the Singapore SLink.
For decades all movie stars visiting Singapore have flocked to this little luxury retreat. The hotel will now be getting a refurbishing. Some 78 more guest rooms will be added. Though there will be no change in running system. Fairmont Raffles will still be incharge. It’s not the first time that Qatari Diar has invested in a hotel. It already owns the Le Royal Monceau in Paris, which will reopen this year again under the Raffles brand.