AccorHotels has signed an agreement to acquire FRHI Holdings, parent of Fairmont, Raffles, and Swissôtel. With the acquisition, AccorHotels, currently with 3,800 hotels, will become one of the key global players in the luxury and upscale hotel segment.
AccorHotels is buying the owner of luxury hotels including London’s Savoy and New York’s Plaza, in a cash-and-share deal worth $2.9 billion that will also raise the U.S. profile of Europe’s largest hotel group.
The deal, AccorHotels’ biggest, is the latest in a wave of acquisitions in a sector trying to fend off competition from online rivals such as Airbnb and will involve two major Gulf investors taking stakes in the French company.
Source: AccorHotels to acquire Fairmont, Raffles, and Swissôtel
