Accor Clears Hurdle in Fairmont Acquisition
by Jessica MontevagoEurope’s largest hotel operator, AccorHotels, passed antitrust approval for its proposed takeover of FRHI Hotels & Resorts, the parent company of luxury brands Fairmont, Raffles, and Swissôtel.
The deal now has to be approved by Accor’s shareholders. That meeting is expected to take place in next month.
Acquiring Canadian FRHI will add more than 100 high-end hotels to Accor’s portfolio, including London’s Savoy and New York’s Plaza Hotel. The Paris-based company bid about $2.9 billion for FRHI in December.
AccorHotels currently operates more than 3,800 hotels in 94 countries, under the Sofitel, Pullman, MGallery, Grand Mercure, and Novotel brands.
