Singapore’s Raffles Hotel has been put up for sale by owner Prince Alwaleed of Saudi Arabia for $450 million. The Fairmont Raffles Hotel International group is seeking buyers in response to a sharp drop in the value of some of the Prince’s largest investments.
In particular, Prince Alwaleed’s five percent stake in Citigroup has cost him, as shares in the banking group have fallen from $50 to $4 in less than a year. Other interests that have lost value include Kingdom Hotel Investments, Songbird Estates, Eurodisney and News Corporation.
According to Fortune magazine, the Prince's wealth has fallen from $21 billion to $13 billion over the past year, which has prompted him to sell parts of his hotel empire. Other assets for sale include the Fairmont Copley Plaza in Boston and the Fairmont Hotel Vier Jahreszeiten in Hamburg.