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Following the announcement of Accor’s acquisition of Fairmont Raffles Hotels International (FRHI) Holdings on Friday (11 December), CapitaLand has issued a clarification on the ownership of Fairmont Singapore and Swissotel The Stamford.
The 28-storey twin-tower Fairmont Singapore and the 73-storey Swissotel The Stamford are part of Raffles City Singapore which also includes a shopping mall, an office tower and a convention centre. The integrated development is jointly owned by CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) in the proportions of 60 percent and 40 percent respectively,
“The two hotels and convention centre are on a long-term lease to RC Hotels, in which FRHI
and CapitaLand Limited have a stake,” CapitaLand said, adding that the hotels are managed by RC Hotels.
The Singapore property giant said Accor’s acquisition of FRHI will not change the current ownership structure as the operations of the hotels will continue to be managed by RC Hotels, while the hotel buildings remain jointly owned by CCT and CMT.
Similarly, Raffles Hotel in Beach Road will see no change in ownership following the acquisition. The 127-room is owned by Katara Hospitality.
Accor earlier this month announced its acquisition of FRHI Holdings—owner of hotel brands Raffles, Swissotel and Fairmont—in a US$2.9 billion (S$4.1 billion) deal — the second of the most recent high-profile hotel consolidation deals. Marriott International in November announced its acquisition of Starwood Hotels & Resorts Worldwide to create the world’s largest hotel operator for US$12.2 billion (S$17.37 billion).
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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