Raffles Hotel in Singapore is up for sale, the Blog reads in this morning's Times. The article claims that the Saudi prince owning Fairmont Raffles Hotels International is in need of funds after his fortune declined from $21bn to $13bn over the last year and Fortune magazine downgraded him to only 22nd in its ranking of the world's billionaires.
The grand colonial Raffles is a regular venue for the Singapore-based chemicals community and for fortunate visitors who are often treated to its famous Sunday brunches and Singapore Slings. Last year's APIC conference in Singapore saw many of the off-programme events and suites hosted there.
The sale will put other chemical haunts on the market too. The Fairmont in Monte Carlo has long been the home of the annual EPCA conference, and the striking Fairmont Le Chateau Frontenac in Quebec was a popular location for NECA.