Monday, January 30, 2006

no american ownership

Saudi prince buys into luxury market

Saudi prince buys into luxury marketA Saudi billionaire is getting one step closer to putting Muslim capital on the world's luxury leisure industry map after teaming up with Colony Capital in a $3.9 billion deal to buy Fairmont Hotels & Resorts Inc. Prince Walid bin Talal's hotel investment group, Kingdom Hotels International, and Colony Capital have agreed to combine Fairmont with the Raffles hotel group to create an international luxury chain with 120 hotels in 24 countries.


FAIRMONT HOTELS AGREES TO $3.9-BILLION US TAKEOVER

Fairmont Hotels & Resorts Inc. has found its "white knight" in its bid
to fend off a takeover by U.S. financier Carl Icahn.

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