The big moves continue in the hotel world. AccorHotels has just announced the acquisition of FRHI Holdings and its prestigious Fairmont, Raffles and Swissôtel brands. The news came as less of a surprise to observers than it did to the general public. the recent merger of Marriott and Starwood HotelsThe French hotelier has been seen for some time as the most likely buyer for the group, which was put on the market in the summer by its owners, the Qatari investment fund Qatar Investment Authority (QIA) and Saudi prince Al-Waleed Bin Talal's Kingdom Holding Company. The deal will be financed by a cash payment of $840 million (768 million euros) and the delivery of 46.7 million Accor shares. This capital increase, estimated at €1.8 billion at the current market price, will make QIA and KHC major shareholders in AccorHotels. Three representatives, two from QIA and one from Kingdom Holding, will join the Board of Directors of AccorHotels. board of directors of the french group.
Above all, this major operation strengthens AccorHotels' offer in two of its 'weak' areas, luxury hotels and itspresence in North America. Among the 115 establishmentsSome have become hotel legends, such as the Raffles in Singapore, the Fairmont Peace Hotel in Shanghai, the Savoy in London and the Royal Monceau, Accor now has its own palace in Paris. In addition, the acquisition of Fairmont, a brand of Canadian origin, will enable the French group to be well represented in North America with 41 establishmentsincluding such flagships as Fairmont San FranciscoThe Copley Plaza in Boston and the Château Frontenac in Quebec City. Finally, thanks to Swissôtel, AccorHotels has added some thirty mainly business hotels in Europe and Asia, including The Stamford in Singapore and the Swissôtel hotels in Geneva and Istanbul. Through all its brands, FRHI Holdings also has some forty hotels under development that will enhance the French group's offering, particularly in the Middle East and China.
