AccorHotels to Raise Luxury Profile With $2.9 Billion AcquisitionBy
PARIS — AccorHotels is buying the owner of luxury hotels including London’s Savoy and New York’s Plaza, in a cash-and-share deal worth $2.9 billion (1.9 billion pounds) that will also raise the U.S. profile of Europe’s largest hotel group.
The deal, AccorHotels’ biggest, is the latest in a wave of acquisitions in a sector trying to fend off competition from online rivals such as Airbnb and will involve two major Gulf investors taking stakes in the French company.
The Paris-based group said it would pay for FRHI Holdings Ltd, parent of the Fairmont, Raffles and Swissotel chains, with $840 million (553 million pounds) in cash and by issuing 46.7 million new shares…
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