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Published on : Thursday, December 10, 2015
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.
His Excellency Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, CEO of Qatar
Investment Authority, said: “Since making our investment, Fairmont Raffles Hotels
International has become a leading luxury hotel company with an expanded
international presence. This deal generates the scale needed to drive the next phase
of growth in our real estate and hospitality investments. QIA has confidence in
AccorHotels and looks forward to becoming a significant shareholder.”FRHI includes three of the most prestigious global luxury hotel brands: Raffles,Fairmont and Swissôtel. It has 155 hotels and resorts , and more than 56,000 rooms .