AccorHotels Group has announced its official acquisition of Toronto-based FRHI Hotels & Resorts across its Fairmont, Raffles, and Swissôtel brands. Chris Cahill, former executive vice president of global operations for Las Vegas Sands Corporation, has been brought on to join the company as its CEO of luxury brands. The newly created role will call for Cahill to lead the FRHI transition while also overseeing global operations and strategy for AccorHotels. He brings more than three decades of experience in the industry, including 19 years with FRHI.
The $840-million cash transaction with Qatar Investment Authority and Kingdom Holding Co. of Saudi Arabia also entailed the issuance of almost 47 million AccorHotels shares in consideration of contributed FRHI shares.
Properties joining AccorHotels in the deal include the Savoy in London, the Plaza in New York, the Fairmont San Francisco, Raffles Singapore, and Le Royal Monceau Raffles Paris. The majority of Fairmont, Raffles, and Swissôtel’s 154 hotels and resorts—including 40 under development—across 34 countries operate under long-term management contracts. Additionally, six hotels are leased and one is owned.
