It would seem buying up large hotel chains is becoming a bit of a trend lately.
Following Marriott International’s recent move to snap up Starwood Hotels & Resorts, Accor Hotels has just acquired Fairmont Raffles for US $2.9 billion.
The mega-deal will see the Fairmont, Raffles, and Swissôtel brands join the growing stable of Accor properties, boosting the company’s presence in the US enormously.
As part of the deal, Accor will own some of the most iconic hotels around the world – including the historic Raffles Singapore, The Savoy in London, and the Plaza in New York to name but a few.
Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels, says: “This is an outstanding opportunity to add three prestigious brands – Fairmont, Raffles and Swissôtel – to our portfolio, and a great step forward for AccorHotels.”
“It 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.”