Raffles Hotel ownership through the years

ST PHOTO: DESMOND WEE

Raffles Hotel in Singapore was built in 1887 and has changed owners through the years.

But the historic hotel has constantly remained one of the landmarks of Singapore and Asia.

The Straits Times looks at the history of the hotel from the 1960s.

1963: Malayan Banking buys the property for $1.415 million.

Oversea-Chinese Banking Corporation (now OCBC Bank) runs the hotel's business.

1972: Raffles Hotel is sold to the Development Bank of Singapore (now DBS Bank).

1988: OCBC and DBS tie up to incorporate Raffles Hotel (1886) Pte Ltd to undertake the redevelopment of the hotel.

1995: Raffles Holdings (1995) Pte Ltd is formed as the vehicle for the listing of DBS Land's hotel and resort business.

2005: Raffles Holdings sells the Raffles brand to Colony Capital, an investment firm based in Los Angeles. The deal covers the 14 hotels then owned by Raffles Holdings worldwide, as well as the 27 it managed under the Raffles and Swissotel brands.

2006: Saudi Arabia's Kingdom Holding Company, an investment firm, teams up with Colony Capital to buy Fairmont Hotels and Resorts' chain of hotels in 24 countries for US$3.9 billion. Fairmont is combined with Raffles to form Fairmont Raffles Hotels International (FRHI), which becomes the new owner of Raffles Hotel. FRHI now owns the Fairmont, Raffles and Swissotel brands.

2010: Qatari Diar, the principal real estate entity of the Qatar Investment Authority, injects US$467 million into FRHI in exchange for a 40 per cent stake in the hotel chain operator. It also buys Raffles Hotel from the group for US$275 million.

2015: AccorHotels agrees to buy FRHI for US$2.9 billion (S$4.1 billion) from Qatar Investment Authority, Kingdom Holding Company as well as Omers' real estate division, Oxford Properties Group.

A version of this article appeared in the print edition of The Straits Times on December 11, 2015, with the headline 'Raffles Hotel ownership through the years'. Print Edition | Subscribe