The sale of the historic Raffles Hotel in Singapore to Qatari Diar is expected to be finalised this week for US$275 million (Dh1.01 billion).
The colonial property, famed as the home of the Singapore Sling cocktail, is being sold after an agreement last year allowing Qatar's sovereign property developer to purchase the hotel after it bought a 40 per cent shareholding in Fairmont Raffles Hotels International. That deal was worth $847m.
"I'm hoping by the end of this week that [the sale] will be announced," said Chris Cahill, the chief operating officer of Fairmont Raffles, which currently owns the property. "It's very imminent. We're very close to finalising that agreement."
When Qatari Diar bought the stake in the company last year through its affiliate Voyager Partners, a clause stipulated that the hotel company could compel Qatari Diar to buy the property one year later.
"It was in the first quarter that we exercised that. Literally this week this is all coming to a close."
In April last year, it was confirmed that if the property was sold to Qatari Diar, the price would be $275m. Mr Cahill said the property would go for that price.
"[Qatari Diar] wanted it as well, which is why it was easy to have it set up that way," said Mr Cahill. "It was a matter of 12 months later. Let's see if it's still the right decision. The leverage was with us - with the company itself to have that as an opportunity."
Kingdom Holding, the investment company of the Saudi billionaire Prince Alwaleed bin Talal bin Abdulaziz Al Saud, was the majority shareholder in Fairmont Raffles until last April.
Kingdom's stake dropped to 35 per cent from 58 per cent as more shares were issued and Qatari Diar bought into the company.
Fairmont Raffles was reportedly looking to sell the hotel two years ago for up to $450m.
The hotel's guests have included literary figures such as Rudyard Kipling, Joseph Conrad and Somerset Maugham.
It opened in 1887 with 10 rooms and underwent a multimillion dollar restoration between 1989 and 1991 to return it to its former glory. It now has 103 suites. The hotel was declared a national monument by the Singapore government in 1987.
Kingdom Holding and Colony Capital, a Los Angeles investment company, acquired Fairmont Hotels and Resorts in 2006 for $3.9bn, merging it with the Raffles Hotels Group to create a $5.5bn company.
rbundhun@thenational.ae
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
UAE currency: the story behind the money in your pockets
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
