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Raffles Holdings and Colony Capital win 'Deal of the Year' Award

Search ASIA Travel Tips .com 17 October 2005

Colony Capital, LLC and Raffles Holdings Limited have been awarded the prestigious Deal of the Year award at the recent 16th annual Hotel Investment Conference Asia Pacific (HICAP) in Hong Kong.

The transaction between Colony Capital, LLC and Raffles Holdings Limited to purchase the latters entire hotel business for an enterprise value of S$1.72 billion was closed last month and included the acquisition of all 41 hotels of Raffles Holdings (14 owned and 27 managed).

Organised by hotel, tourism and leisure consulting firm, Horwath Asia Pacific together with Sonnenblick-Goldman Company and Burba Hotel Network, HICAP is an annual event that sees the gathering of Asias top hotel industry leaders, investors and financiers.

Colony Capital, LLC, is a leading international investment fund with more than 15 years experience investing in global hospitality assets while Raffles Holdings is a Singapore-listed company that has a 45% direct equity interest in Tincel Properties (Private) Limited, which owns Raffles City Complex, a multi-use development located in Singapore's prime business district which the company manages. From the deal, Raffles Holdings received S$1.45 billion aggregate consideration in cash for its equity interest. Based on the pro forma net tangible assets (NTA) of the Hotel Business as at 31 December 2004, the aggregate consideration implies a 64% premium to NTA and gross proceeds of S$0.69 per Raffles Holdings share.

Present at the award ceremony were Mr Grant L. Kelley, CEO of Colony Capital Asia Limited and Ms Leong Wai Leng , Deputy CEO of Raffles Holdings Limited. Mr Kelley said, We are ecstatic that our move to purchase Raffles Holdings Hotel Business has been recognised as the years most prominent hotel deal by the industry. With its outstanding brand assets and a team of talented staff, Raffles International fits well into our overall strategy of building a major world-class hospitality organization that can serve increasingly sophisticated customer needs. With the successful completion of the deal last month, we will now build on the existing strengths of Raffles International and leverage on the resources, networks and products to ensure the continued growth of the Raffles and Swisstel brands over the years ahead.

See other recent news regarding: Hotel Investment Conference Asia Pacific, Raffles

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