News
AccorHotels to acquire three iconic hotel brands - Fairmont, Raffles and Swissôtel
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AccorHotels today announces the signing of an agreement with the Qatar Investment
Authority (QIA), Kingdom Holding Company (KHC) of Saudi Arabia and Oxford
Properties, an Ontario Municipal Employees Retirement System (OMERS) company for
the acquisition of FRHI Holdings Ltd (FRHI), parent of Fairmont, Raffles, and Swissôtel.
“This is an outstanding opportunity to add three prestigious brands – Fairmont, Raffles
and Swissôtel – to our portfolio, and a great step forward for AccorHotels. It offers us
robust and global leadership in luxury hotels, a key segment in terms of geographic
reach, growth potential and profitability, for long term value creation. In addition,
the deal allows us to strengthen our human capital with FRHI’s widely respected and
talented global workforce which has a proven track record in operating and marketing
luxury hotels. The transaction will also enable the Group to consolidate its
shareholder base, with the arrival of two high-profile investors that both have
extensive expertise in the hospitality industry. This major acquisition demonstrates
the Group’s agility in a fast-changing industry and will allow us to more effectively
support our guests, clients and hotel owners. Through it, we are positioning ourselves
as a key player in the current industry consolidation process while maintaining
substantial leeway to implement our transformation plan,” said Sébastien Bazin,
Chairman and Chief Executive Officer of AccorHotels.