Raffles will hold on to other properties, despite sale of London hotel

07/5/2004 | Bloomberg

Singapore-based Raffles Holdings Ltd. says despite its sale last year of London's Brown's Hotel, the company will retain its other properties, which include the Raffles Hotel in Singapore and L'Ermitage in Beverly Hills, Calif., as they continue to produce favorable returns. The company said it sold the 167-year-old Brown's Hotel for $91 million because improvements would have been too costly.

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