Prince Alwaleed of Saudi Arabia has put the prestigious Raffles Hotel in Singapore up for sale, media reported on Thursday.
Alwaleed’s Kingdom Holding Company (KHC) is seeking a buyer for holding company Fairmont Raffles Hotels International despite the depressed state of the property market, The Times wrote.
The prince may even be prepared to sell his stake in the company after incurring heavy losses on his investment in Citigroup, where his 3.9 percent stake makes him the biggest individual shareholder.
Alwaleed’s wealth has declined to $13 billion from $21 billion over the past year, making him the 22nd richest man in the world, according to Fortune magazine.
The Saudi prince also topped both the 2008 Arabian Business Rich List and this year’s Power List.
Fairmont Raffles owns 123 hotels under the Fairmont, Raffles and Swissôtel brands.
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