Luxury hotel chains expanding
By Paul Johnson on Jan 30, 2006 in Accommodation, Asia, Cambodia, Hotels, Regions, Singapore, Worldwide
It has emerged today that Saudi billionaire Prince Alwaleed bin Talal and Colony Capital will pay $3.9 billion to buy Fairmont Hotels & Resorts Inc. in order to expand upon an international luxury chain. Last year, Colony Capital bought the hotel business of Raffles Holdings for $859 million, gaining several historic hotels in Asia including Singapore’s landmark Raffles Hotel, Cambodia’s Raffles Grand Hotel d’Angkor in Siem Reap, and the Swissotel brand. Alwaleed’s hotel-related investments already include the Four Seasons Hotels and Resorts, the George V Hotel and Movenpick Hotels & Resorts.
