Kingdom Sells Raffles/Fairmont Property

Kingdom Hotel Investments have divested their soon to open luxury Fairmont Hotel and Raffles Suites and Residences in Makati Manila.
On the buying end of the transaction is the leading Philippine property firm Ayala Land.
Coincidentally Ayala, which owns a number of hospitality assets, is close to debuting its new city hotel brand Kukun.
Kingdom is well known in Phuket as the buyer and eventually seller of the Moevenpick Resort in Karon Beach.
The group also had a prime beachfront property in Southern Phang Nga, which had been pegged as an upscale Raffles. This was later disposed of and the project has remained on the shelf for a number of years.