declared bankruptcy. In 1933, the financial troubles were resolved, and a public company called Raffles Hotel Ltd. was established, taking over from the Sarkies. Upon the start of the Japanese occupation of Singapore on 15 February 1942, it is said that the Japanese soldiers encountered the guests in Raffles Hotel dancing one final waltz. Meanwhile, staff buried the hotel silver—including the silver beef trolley—in the Palm Court. During World War II, Raffles Hotel was renamed , incorporating Syonan ("Light of the South"), the Japanese name for occupied Singapore, and ryokan, the name for a traditional Japanese inn. The hotel was reclaimed in 1945 during Operation Tiderace by the British Navy. Stanley Redington raised the British Naval Jack on top of the Raffles Hotel. In 1987, a century after it first opened, Austrian writer and researcher Andreas Augustin discovered the long lost original drawings of Raffles Hotel, hidden in a Singaporean archive. That year these drawings were published for the first time in the book The Raffles Treasury. Raffles Hotel was declared a National Monument by the Singapore government in 1987. In 1989, the hotel closed to undergo an extensive renovation that lasted two years and cost $160 million. The hotel reopened on 16 September 1991. While the hotel was restored to the grand style of its 1915 heyday, significant changes were made. All guest rooms were converted to suites. In addition, Long Bar, which was a favorite spot of celebrities such as Somerset Maugham, was relocated from the lobby to a new adjoining shopping arcade. The Long Bar is notable for patrons' unusual practice of throwing peanut casings onto the floor. Long Bar is also where the national cocktail, the Singapore Sling, was invented by bartender Ngiam Tong Boon. On 18 July 2005, it was announced that Colony Capital LLC would purchase Raffles Holdings the entire chain of Raffles Hotels, which included the Raffles Hotel, for $1.45 billion. In April 2010, it was reported that a Qatari sovereign wealth fund bought Raffles Hotel for $275 million. In addition to taking over the Raffles Hotel, the Qatar Investment Authority would inject $467 million into Fairmont Raffles Hotels International in exchange for a 40% stake in the luxury hotel chain. At one time, Raffles Hotel maintained a hotel museum. It displayed memorabilia such as photographs, silver and china items, postcards and menus, as well as old and rare editions of the works