18 JULY 2016
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Three top hotel brands, Fairmont, Raffles and Swissotel, have changed hands with the acquisition of FRHI Hotels and Resorts by AccorHotels.
The French multi-national said the deal “increases long-term growth potential and profitability and significantly expands the company’s footprint in North America, the world’s largest and most influential consumer market”.
The acquisition gives Accor management responsibility for iconic and historic properties in key strategic cities, including the Savoy in London, Raffles Singapore, Fairmont San Francisco, the Plaza in New York, Fairmont Le Château Frontenac in Quebec City, and Le Royal Monceau Raffles Paris.
Accor chairman Sébastien Bazin said: “Today is a great day for our group. The acquisition of these three emblematic luxury hotel brands is an historical milestone for AccorHotels.
“It will open up amazing growth prospects, lift our international presence to unprecedented heights, and build value over the long term.”
Following the acquisition, and as part of Accor’s strategy to strengthen its luxury and upmarket business, the company has named Chris Cahill as chief executive officer/luxury brands.
He brings more than 30 years’ industry experience to the post, serving most recently as EVP/global operations at the Las Vegas Sands group.
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