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Fairmont bought by U.S.-Saudi group

Jan. 30, 2006 at 7:58 AM

TORONTO, Jan. 30 (UPI) -- Saudi Prince Alwaleed bin Talal and Colony Capital LLC of Los Angeles will pay $3.9 billion for Canada's Fairmont Hotels & Resorts Inc.

Upon completion the deal will result in an entity with 120 hotels in 24 countries and a combined market value of around $5.5 billion.

The merger will result in Fairmont properties being merged into the Raffles organization, owned by Colony Capital.

Raffles owns and manages 33 properties located primarily across Asia and Europe, including its flagship property built in 1887, the storied Raffles Hotel of Singapore.

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