ACCOR TO BUY THE FAIRMONT, RAFFLES AND SWISSÔTEL BRANDS
AccorHotels has signed an agreement with the Qatar Investment Authority (QIA), Kingdom Holding Company (KHC) and Oxford Properties that will see the French group acquire FRHI Holdings Ltd, the parent company of the luxury Fairmont, Raffles and Swissôtel brands. Accor will issue 46.7 million new Accor shares to pay for the deal along with a cash payment of €768 million. QIA and KHC will become major shareholders, with stakes of 10.5% and 5.8%, respectively. The three brands comprise 115 hotels and resorts (more than 56,000 rooms) in operation and 40 properties under development (around 13,000 rooms) in major tourist destinations across 34 countries on five continents. This acquisition now enables AccorHotels to truly present a full range of hotel brands, from budget/economy to luxury in a more emphatic manner.