Monsters and Critics, 17 May 2009, Kai Portmann
Rumours have it that the hotel's owner, Prince Alwaleed bin Talal of Saudi Arabia, is seeking buyers for the Raffles, after his wealth has plummeted in the worldwide recession.
According to Forbes Magazine's list of billionaires, the prince's fortune dropped from 21 billion US dollars to about 13 billion US dollars over the past year.
Shaken by the global financial meltdown, the prince, whose Kingdom Holding Co has a controlling stake in Fairmont Raffles Hotels International, has put the Raffles up for sale for 450 million US dollars, London's Times newspaper reported.
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