The cash and shares signed agreement will bring AccorHotels the acquisition of FRHI Holdings, owner of the Fairmont, Raffles, and Swissôtel merged brands

Qatar Investment Authority, Kingdom Holding Company of Saudi Arabia and Oxford Properties will be the deal partners in this historical acquisition, as FRHI Holdings includes three of the most prestigious luxury hotel brands in the world: Raffles, Fairmont and Swissôtel.

With 155 hotels and resorts and more than 56.000 rooms in its portfolio, FRHI currently has more than 45,000 employees.

FRHI owns hotels and resorts in 34 countries across five continents, including legendary properties as Raffles Singapore, The Savoy in London, Shanghai’s Fairmont Peace Hotel, The Plaza Hotel in New York, Le Royal Monceau - Raffles Paris, and Fairmont San Francisco.

The strategical integration of Raffles, Fairmont and Swissôtel will enhance AccorHotels’ brand and will boost its business profile and luxury market position.

Sébastien Bazin, chairman of AccorHotels declared about the deal:

“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.”

AccorHotels expects around €65 million in revenue from brand and hotel earnings, as well as marketing and sales efficiency.

The total cash and shares recently signed deal was valued at $2.9 billion.