15 Jan '12, 11am

Qatar buys Raffles hotels in Singapore, Paris - Yahoo! via @yahoosg

DOHA, Qatar (AP) — A Qatar-owned company says it has taken over the famous Raffles Hotel Singapore and an affiliated luxury hotel in Paris in the latest high-profile acquisitions by the energy-rich Gulf state. The Qatar National Hotels Co. said Saturday that it recently took ownership of the 125-year-old Raffles Hotel Singapore and Le Royal Monceau Raffles hotel in Paris. It did not disclose financial terms in the deal with Toronto-based Fairmont Raffles Hotels International, which had owned both hotels. State-owned Qatari companies have been snapping up investments at a brisk pace in recent months, including stakes in European energy companies, Germany's largest builder Hochtief AG and majority ownership in the French football team Paris Saint-Germain.

Full article: http://sg.news.yahoo.com/qatar-buys-raffles-hotels-singap...

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