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Accorhotels has acquired FHRI Hotels and Resorts and its three luxury brands Fairmont, Raffles and Swissotel.
The deal, approved by Accor shareholders at a special meeting in Paris, sees the French company take control of 154 properties including The Savoy in London and The Plaza in New York.
The acquisition consists of payment in both $840 million in cash and the issuing of 46.7 million in shares.
The remarkably similar cultures of Fairmont, Raffles, Swissôtel and AccorHotels are helping to make organizational integration a smooth process,” said Sébastien Bazin, Chairman and CEO of AccorHotels.
“In fact, both organizations have demonstrated strong commitments to sustainability and community; a focus on providing differentiating customer service; a steadfast approach to meet and exceed guest expectations; and investment in innovation within the field of hospitality.”
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