13 Jan '12, 11pm

New Qatari owners take over Raffles Hotel

New Qatari owners take over Raffles Hotel

The government-owned Qatar National Hotels Company said on Monday that it has taken over the ownership of the historic 103-room Beach Road hotel. -- ST PHOTO: AZIZ HUSSIN By Esther Teo, Property Reporter Singapore's grand old dame Raffles Hotel is finally in the hands of its new Qatari owners but any makeover looks likely to be delayed. The changeover has been a long time coming. In 2010, it was reported that the iconic building would be sold by Toronto-based hotel chain Fairmont Raffles to a Qatari sovereign wealth fund for US$275 million (S$356 million). That would have made it the third change of ownership in seven years. Background story LEGENDARY LEGACIES 'Through years of rich history, Raffles Hotel Singapore and Le Royal Monceau Raffles Paris have become legendary legacies that enhance the hospitality values by building a bridge between tradition and a glorious futu...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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