“RHL has been actively pursuing options to further the objective of creating & unlocking value and has successfully executed several such initiatives. The Transaction which will unlock significant shareholders’ value is yet another success in this continuing effort.

While the Hotel Business has performed well, it is at strategic crossroads. To grow the Hotel Business to gain global scale will entail significant capital investments. The strong performance of the Hotel Business combined with the current active M&A market presented a timely opportunity for RHL to realize value in the business it has built over the years for the benefit of shareholders and all stakeholders.”

"We are honored to become the custodian of one of the finest hotel chains in the world and a true national treasure of the people of Singapore. The properties' success is clearly attributable to the dedication and professionalism of its management and staff. Colony recognizes the need to keep talented and experienced management and employees and we look forward to working with them. We deeply respect the historical significance of the Raffles Hotel, Singapore and we consider it our responsibility to protect that legacy. We are delighted Jennie Chua has agreed to remain as chairman of the Raffles Hotel Singapore to provide continuity and support our efforts."

"Our strategy with the business fundamentally revolves around brand positioning and extension. Our priorities here are first and foremost to act as custodians for the Raffles brand. Next, we are committed to the continued growth of the Raffles and Swiss?tel brands over the years ahead, and support their commitment to unparalleled world class standards of product and services."

About Raffles Holdings Limited (Ticker: Bloomberg – RHL SP EQUITY, Reuters – RHLT.SI)

Raffles Holdings Limited is a company listed on the Singapore Exchange Securities Trading Limited. It is headquartered in Singapore. It has interest in 2 businesses; hospitality and a 45% direct equity interest in Tincel Properties (Private) Limited, which owns Raffles City Complex, a 320,652 square metre multi-use development which comprises 2 hotels, a convention centre and a retail office complex. Under the hospitality business, it has an approximate 12,000-room portfolio comprising 41 hotels and resorts in 35 destinations across Asia, Australia, Europe, Mediterranean, Middle East, North America and South America.

CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company's core businesses in property, hospitality and real estate financial services are focused in gateway cities in Asia, Australia, Europe and the Americas.

The company's property and hospitality portfolio spans more than 90 cities in 28 countries. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region.

The listed subsidiaries and associates of CapitaLand include Raffles Holdings, The Ascott Group, CapitaMall Trust, CapitaCommercial Trust and Australand Property Group, which is listed both in Singapore and Australia.

Colony Capital, LLC is a private, international investment firm focusing primarily on real estate-related assets and operating companies. Since 1991, Colony Capital has invested more than $15 billion in over 8,000 assets through various corporate, portfolio and complex property transactions. The firm owns the legendary Costa Smeralda resort in Sardinia, Italy and Hotel Guanahani in St. Barts. Colony’s other investments in exclusive leisure lifestyle and resort properties have included the Amanresorts hotel chain, London’s Savoy Group, the Orchid at Mauna Lani on Hawaii’s Big Island, The Stanhope Hotel in New York City, the “W” in Honolulu, Resorts International in Atlantic City, Atlantic City Hilton, Las Vegas Hilton and Accor Casinos in Europe.

Colony has a staff of more than 110 and is headquartered in Los Angeles, with offices in New York, Boston, Hawaii, Paris, London, Madrid, Rome, Beirut, Hong Kong, Tokyo, Taipei, Shanghai and Seoul.

Colony is led by its founder and Chairman Thomas J. Barrack Jr., and in Asia by Grant L. Kelley.