ACCOR Takes On Fairmont Raffles
French hospitality chain ACCOR has entered into an agreement to acquire the Fairmont Raffles (FRHI) for a reported US$2.9 billion.
With 115 hotels and over 43,000 rooms the FRHI deal includes the Swissotel brand together with the two mainstays.
The transaction is comprised of a cash and stock in ACCOR.
According to Hotels Magazine online FRHI has another 13,000 rooms with 40 hotels currently in its pipeline.
This is the second major convergence of leading global brands in the latter part of this year with the Marriott Starwood deal capturing headlines recently.