Saudis sell down Fairmont Raffles stake
RIYADH – Saudi billionaire Prince Alwaleed bin Talal is selling a stake in Fairmont Raffles Holding International, manager of the Fairmont hotel chain, and plans to take the company public in two to three years.
Voyager Partners Ltd., based in the Cayman Islands, will buy a 40 percent stake in Fairmont Raffles. In addition, Qatari Diar Real Estate Investment Co., part of Qatar’s sovereign wealth fund, has agreed to provide Fairmont the opportunity to manage more properties,
Alwaleed’s investing company, Kingdom Holding, said in a statement. Kingdom valued the deal at US$847 million.
Teaming with Qatari Diar, which owns hotels, will boost Fairmont Raffle’s management business, Alwaleed said in an interview with Bloomberg Television.
“They will supply us with a maximum number of hotels that will add to our income stream,” Alwaleed said. “Consequently when we go public, hopefully in the next two to three years, this will add dramatic value to us.”
Fairmont Raffles has about 100 hotels operating under three brands: Fairmont, Raffles and Swissotel.
It is being suggested that Singapore’s iconic Raffles Hotel will be sold to the Qataris as part of the ongoing association with Kingdom Holding.
The deal with Voyager will reduce Kingdom Holding’s stake in Fairmont Raffles to 35 percent from 58 percent, while Los Angeles-based Colony Capital LLC will hold 22 percent.
Asia is the largest area of growth for Fairmont Raffles, followed by the Middle East and Europe. China will be targeted for new Raffles, Fairmont or Swissotel properties.
Ian Jarrett
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