European hotel chain Accor has paid $2.9bn in cash and shares for FRHI Hotels & Resorts, the owner of the Fairmont, Raffles and Swissotel brands.
FRHI’s owners – Qatar Investment Authority and Kingdom Holdings – will receive $840m in cash and 46.7m shares, as a result of which they will have stakes of 10.5% and 5.8%, respectively, in Accor.
The deal covers 115 luxury hotels and resorts, as well as 40 that are being developed.
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