The dreaded R-word seems to have hit the pricey indoors of even the world’s top-notch luxurious hotels — one has been put on block by its current owner, who happens to be a Prince of Saudi Arabia, while some others are toying with ideas having recession as the theme to keep afloat.
As if looking desperate to get business in today's tough times, hotels are offering special packages where guests are being asked to “help with dishes” for a couple of free drinks or to wear a bankrupt-looking outfit for 15 per cent discount.
On the other hand, owners who probably do not believe in such innovative schemes are looking to move out by selling the hotel.
British daily The Times reported today that Fairmont Raffles Hotels International, a byword for colonial grandeur and where Saudi Prince Alwaleed has a controlling stake, is on the look out for potential buyers.
The report said “industry insiders insist that the Prince is keen to raise funds by selling parts of his huge hotel empire. While his 45 per cent holding in Four Seasons, the luxury operator, is said to be sacrosanct, there are strong rumours that he may be willing to entertain offers for his 33 per cent stake in Mövenpick Hotels, the Swiss chain.”
