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Lodging

AccorHotels Buys Fairmont Parent Company

By Julie Sickel / December 09, 2015 / Contact Reporter

AccorHotels will buy FRHI Holdings, the parent company to the Fairmont, Raffles and Swissôtel brands, for $840 million cash and 46.7 million new Accor shares.

“[This deal] offers us robust and global leadership in luxury hotels, a key segment in terms of geographic reach, growth potential and profitability for long-term value creation,” said AccorHotels chairman and CEO Sébastien Bazin.

The FRHI name has popped up frequently in conversations about possible industry consolidation. In late October, TheWall Street Journal reported the company’s probable sale to Accor. The announcement also comes on the heels of Marriott International’s unprecedented purchase of Starwood Hotels & Resorts.

Bjorn Hanson, a clinical professor at the New York University School of Professional Studies Tisch Center for Hospitality and Tourism, said the deal would allow FRHI's owners—Qatar Investment Authority and Kingdom Holding Company of Saudi Arabia—to “realize some of the value that’s been achieved through the recovery since the recession.”

“[Fairmont] is a stronger brand,” he said. “It has a higher unaided recall than brands with many more hotels, so to give it an international platform and a new level of energy for growth makes sense.”

The FRHI portfolio comprises 155 hotels, 40 of which are under development, across 34 countries on five continents. The deal would give Accor a more significant global footprint both in the luxury space and in North America, where FRHI has 42 properties. As the Starwood-Marriot merger will do for Marriott, this transaction will provide Accor with a strong customer base via FRHI’s loyalty program, which features 3 million members, 75 percent of which are based in North America.

“Through [this deal], we are positioning ourselves as a key player in the current industry consolidation process while maintaining substantial leeway to implement our transformation plan," Bazin said.

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