Dubai-Mubasher: Accor, Europe's largest hotel group, has bought three hotel brands - Fairmont, Raffles and Swissotel.
Under the deal, Qatar Investment Authority (QIA) and Saudi Arabia's Kingdom Holding Co. (KHC) will be major shareholders with stakes of 10.5% and 5.8% respectively, Accor said in a press release.
Accor has signed an agreement with QIA, KHC and Oxford Properties, to acquire the hotels of Fairmont and Raffles and Swissotel.
"The deal strengthens our presence in the luxurious hospitality sector and bolsters our geographic expansions and available growth potentials. In addition, it will also increase profitability and achieve higher value in the long-term" said Accor CEO Sébastien Bazin.
