Raffles Holdings was the parent company of Raffles International, owned by

Temasek Holdings Temasek Holdings (Private) Limited ( ) is a Singaporean State ownership, state-owned multinational investment firm. Incorporated on 25 June 1974, Temasek has a net portfolio of US$288 billion (S$389 billion) as of 2024. Headquartered at Orchard ...

which is the investment arm of the

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

government. In 2005, Raffles Holdings'

hotel A hotel is an establishment that provides paid lodging on a short-term basis. Facilities provided inside a hotel room may range from a modest-quality mattress in a small room to large suites with bigger, higher-quality beds, a dresser, a re ...

business ranked 17th or 18th in the world in terms of market capitalization and number of rooms, all marketed under the Raffles and

Swissôtel Swissôtel Hotels & Resorts, commonly known as Swissôtel, is a Swiss chain of luxury hotels owned by Accor, which acquired FRHI Hotels & Resorts in 2015. The corporate offices for Swissôtel are located in the Prioria Business Centre on the pro ...

brand names.

History

The company was incorporated on 26 August 1995. On 18 July 2005, Raffles Holdings announced its sale to Colony Capital, LLC for about US$1 billion, including outstanding debt. The deal, worth 1.72 billion Singapore dollars, included all 41 hotels and resorts. Its most prominent establishment was the luxurious 103-suite Raffles Hotel in Singapore, built in 1887. CapitaLand Ltd., Southeast Asia's largest property developer that owned 59.7 percent of Raffles Holdings, would gain the equivalent of US$362 million from the sale and plans to pay shareholders a special dividend of 23 U.S. cents a share. The cash price for the hotels was 1.45 billion Singapore dollars, or US$859 million.

References

{{Reflist Hospitality companies of Singapore Hotel chains in Singapore Hospitality companies established in 1995 Singaporean brands