The world famous Raffles Hotel, the home of the Singapore Sling cocktail, has been put on the market by Prince Alwaleed of Saudi Arabia for a reported £300m.
The Raffles Hotel in Singapore has been put up for sale as the Prince has seen his wealth reduce significantly due to the the credit crunch. His holdings in Citigroup bank have lost a huge amount of their value.
It has been reported that Kingdom Holding Company (KHC) is seeking buyers for its other hotel assets. These include a 45% stake in Four Seasons and a 33 % stake in Movenpick. However, it is understood that his share in Four Seasons is too important to the Prince to be sold. Some say that for the right price the Savoy could be sold. Finding buyers in this depressed market will be a challenge but people close to the Prince say he is unlikely to sell anything at a knockdown price.
