LONDON SAirGroup is reported to be close to securing the sale of its Swissotel hotel chain in a deal worth more than $570 million, according to a British newspaper.
The company is thought to be in advanced talks with a major Asian hotel company, rumored to be Raffles Holding. Raffles has yet to comment, however, it has recently received shareholder approval to sell a 55% stake in the Raffles City complex in Singapore, and expects to book a net gain of $356 million, the proceeds of which will be used to double its room inventory to 12,000 by 2003. (4/6/01)
SOURCE: HVS International