Singapore: The iconic Raffles hotel is up for sale, according to reports in British newspaper the Independent.
According to the Independent, Prince Alwaleed of Saudi Arabia is down to his last $13bn (£8.7bn) and the hotel is on the market for $450 million.
The article also suggests that Alwaleed wants to sell London’s Savoy hotel.
Alwaleed holds a 3.9 per cent stake in Citigroup and his share value has tumbled from $50 a piece to just $4.
The Long Bar at Raffles is famous for its Singapore Sling cocktails and drinkers tossing empty monkey nut shells on to the floor.
The Savoy became synonymous with cocktails following barman Harry Craddock’s 1930 edition of The Savoy Cocktail book.