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, includes all 41 hotels and resorts.
Its most prominent establishment is the luxurious 103-suite Raffles Hotel in Singapore, built in 1887.
[1] 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 is 1.45 billion Singapore dollars, or US$859 million.