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Raffles City Singapore remains jointly owned by CCT and CMT

CAPITALAND has issued a clarification that the entire Raffles City Singapore - which includes a shopping mall, an office tower, two hotels and a convention centre - is jointly owned by CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) in the proportions of 60 per cent and 40 per cent, respectively.

The real estate group issued the statement in response to media reports relating to AccorHotels' announcement earlier this week that it had acquired Fairmont Raffles Hotels International (FRHI) Holdings.

"The two hotels and convention centre are on a long-term lease to RC Hotels, in which FRHI and CapitaLand Limited have a stake. The hotels, which operate under the brand names Fairmont Singapore and SwissĂ´tel The Stamford, are managed by RC Hotels," said CapitaLand.

"The sale of FRHI to AccorHotels will not change the current ownership structure as the operations of the hotels will continue to be managed by RC Hotels, while the hotel buildings remain jointly owned by CCT and CMT."

Accor said earlier this week that it is buying FRHI Holdings for US$2.9 billion.

The acquisition is the largest in the hotel group's history after the US$1.3 billion purchase of Motel6 more than two decades ago.