Accor Closes on FRHI Holdings Buy

The Fairmont San Francisco, one of the 154 properties that are now part of AccorHotels’ global holdings post-closing.

PARIS—AccorHotels Group closed Tuesday on its acquisition of FRHI Holdings Ltd., parent of the Fairmont, Raffles and Swissôtel brands, from a partnership of the Qatar Investment Authority, Kingdom Holding Co. and Oxford Properties. The US$2.0-billion cash-and-stock deal  was first announced this past December and gives Paris-based Accor firm footing in the global luxury hotel market. With properties including Fairmont San Francisco, The Plaza in New York City and Fairmont Le Château Frontenac in Quebec City, the acquisition also expands Accor’s footprint in North America.

“The acquisition of these three emblematic luxury hotel brands is a historical milestone for AccorHotels,” says chairman and CEO Sébastien Bazin. “It will open up amazing growth prospects, lift our international presence to unprecedented heights, and build value over the long term.”