Accor Hotels announced last week an acquisition which will become a milestone in the growth of the luxurious hotel business, which is about acquisition of three prestigious hotel brands Fairmont, Raffles and Swissôtel which has over 154 hotels and resorts in 34 countries. This will increase the long term growth potential and profitability of AccorHotels group. They own the most prestigious and historic hotels in London, Singapore and New York.
Acquisition proposal was approved in the general meeting and it was agreed that Chris Cahill the Chief executive officer of AccorHotel group will be in charge for the new hotels and he has 30 years of experience in hospitality industry. Qatar investment authority and kingdom holding company of Saudi provided 768 million cash payment and 46.7 million AccorHotel shares. The monthly expected annual revenue from the new hotels is expected to be 65 million.
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AccorHotels Announces Acquisition of FRHI Hotels & Resorts (Fairmont, Raffles and Swissotel)