Accor to buy Fairmont, Raffles and Swissotel brands

Europe’s biggest hotel operator, Accor SA has agreed to buy the owner of the luxury Fairmont, Raffles and Swissotel brands for about US$2.9 billion in shares and cash.

Accor is buying the company from Qatar Investment Authority, Prince Alwaleed Bin Talal’s Kingdom Holding Co and Oxford Properties Group.

Paris-based Accor, which operates the Ibis and Sofitel chains, has 3,800 hotels worldwide. FRHI, based in Toronto, has more than 100 high-end hotels, including Manhattan’s Plaza, London’s Savoy and Raffles in Singapore, and 40 under development.

 

 

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