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US equity firm to buy Raffles’ hotel group for $1 billion
Saturday, 20 Jul, 2005
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Los Angeles based Colony Capital will pay S$1.45 billion ($859 million) in cash for Raffles Holdings Ltd.’s 41 hotels in 35 countries, which carry the Swissotel brand.
Colony Capital has spent $5 billion buying hotels in the past 15 years, including the Aman resorts hotel chain, London’s Savoy Group, and casinos in Europe and Atlantic City.
While the Raffles hotels has 12,000 rooms worldwide, Colony has about 19,000 rooms.
Colony plans to preserve the heritage of the famed Raffles Hotel Singapore.
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