Property

AccorHotels acquires Fairmont, Raffles and Swissôtel

French hotel group Accor has announced the acquisition of three iconic brands – Fairmont, Raffles and Swissôtel.

The deal will see Accor take control of FRHI Holdings and its portfolio of 155 properties, of which 40 are under development. In total it comprises 56,000 rooms with 13,000 are under development. It also includes more than 45,000 employees.

In the UK, the deal will include London’s Savoy hotel along with the Fairmont St Andrews in Scotland.

It will expand Accord’s luxury and upscale portfolio to 500 properties in an effort to make the company one of the “key global players” in the segment.

Accor said it will pay for the hotels with £554m cash and the issue of 46.7million new shares in the company to Qatar Investment Authority (QIA), Kingdom Holding Company (KHC) of Saudi Arabia and Oxford Properties, and Ontario Municipal Employees Retirement System (OMERS).

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