When Saudi Arabian investors suddenly needed to sell an 80 per cent stake the unfinished Fairmont Hotel and Raffles Suites and Residences project in the Philippines’ Makati financial district late last year, their local partner lost no time stepping up to the plate.
It probably helped that the Saudis’ local partner was the Ayala Corp, the Philippines’ oldest business house. In short order, the Filipino group bought out the Saudis for $24m and went on to complete the project’s 280 rooms, 32 suites and 237 serviced residential units in time for the peak Christmas season. The hotel opened its doors at exactly 3:33 pm on December 3. Read more