The Swiss group SAIRGROUP (turnover of CHF 16.23 billion in 2000) sold its chain of hotels SWISSOTEL (turnover of CHF 202 million in 2000 with 6,500 employees) to the Singaporean group RAFFLES HOLDINGS for CHF 520 million. SAIRGROUP is also looking for a buyer for its real estate portfolio whose value is estimated at CHF 700 million.