The future ownership of the Island?s two Fairmont hotels has been thrown into question after reports that owners Fairmont Raffles Holdings is looking to raise around $2.5 billion through the sale of a significant number of its Fairmont Hotels.

Only six months after the hotels were snapped up as part of a $3.9 billion deal that created a global luxury lodgings empire involving the world?s fifth richest man Saudi Prince Alwaleed bin Talal Al-Saud, the giant Fairmont Raffles Holdings hotel alliance is reported to be seeking a way to repay some of the debt taken out to secure the deal in January.

According to The Times newspaper in London, the group is seeking to sell a selection of the hotel properties, including the Fairmont Hamilton Princess and Fairmont Southampton, to a ?passive investor? while maintaining its right as hotel operators and thereby securing management fees for the running of the hotels.

A spokeswoman for Fairmont Hotels has been quoted as confirming the plan to sell a number of hotels while retaining Fairmont as the ?long-term manager? of the properties, adding the company had a strategy for ?redeploying capital to fund growth and acquire new management contracts.?

A total of 15 hotels in North America, the Caribbean and Mexico are believed to be part of the proposed sell off by Fairmont Raffles Holdings, which was created by the merging of Prince Alwaleed?s Kingdom Hotels International and Colony Capital.

According to The Times, Jones Lang LaSalle Hotels is lined up to market the sale of Bermuda?s Fairmont hotels.

When the contacted Fairmont?s head office in Canada, a spokesman said the CEO was out of the country at that time and added: ?Fairmont has not responded to the story in The Times. We do not comment on rumour and speculation.?

When the global hotel deal was completed it created an international chain with 120 hotels in 24 countries, including the world famous Singapore Raffles Hotel, London?s Savoy Hotel and the Monte Carlo Grand.

Although the company has declined to comment on the story it has been picked up by a number of major news outlets around the world, with Canada.com reporting: ?The hotels have not officially been put on the market yet but Fairmont has retained the services of Eastdil Secured, which in turn has teamed up with Colliers International Hotels to market the Canadian properties.?

The hotels that are believed to have been earmarked for sale are eight in Canada, the Copley Plaza Boston, Scottsdale Princess, Raffles Beverley Hills, two hotels in Mexico including the Fairmont Acapulco Princess, the Fairmont Royal Pavilion in Barbados and the two Fairmont hotels in Bermuda.