In January, Fairmont Hotels & Resorts agreed to be bought by Colony Capital and a Canadian firm owned by Kingdom Hotels International for C$3.7 billion ($3.3 billion). The friendly merger was intended to fend off a takeover by US financier Carl Icahn.
Kingdom is owned by Saudi Arabian Prince Alwaleed bin Talal Abdulaziz Alsaud, one of the richest men in the world, while Colony Capital owns the Asian-based Raffles hotel chain. Reports emerged in June that the Banff Springs hotel was on a list of properties that Fairmont Raffles had put up for sale.
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