Posted on May 06, 2011

Canada-headquartered Fairmont Raffles Hotels International (FRHI) has announced the sale of the Raffles Hotel in Singapore to Qatari Diar is expected to be finalised this week for $275m (Dhs1.01bn), The National has reported.

"I'm hoping by the end of this week that [the sale] will be announced," Chris Cahill, chief operating officer of Fairmont Raffles, which currently owns the property. "It's very imminent. We're very close to finalising that agreement." The deal comes after an $847m agreement last year allowing the developer to purchase the hotel after it bought a 40% shareholding in Fairmont Raffles Hotels International.

source: ameinfo