US private equity firm Colony Capital and Kingdom Hotels International, the hotel group owned by Saudi Prince Alwaleed bin Talal, yesterday sold the iconic Raffles hotel in Singapore to a consortium led by former Credit Suisse banker Mark Pawley for about S$650m (â¬307m).
Pawley is chief executive of Singapore-based private firm Oxley Capital, which specialises in real estate. However, an Oxley spokesman told newswire Reuters that the firm was not buyer. Local Singapore newspaper Business Times reported that the buyer behind Pawley's bid was a family trust linked to a European family.
