Doha – Mubasher: Qatar Investment Authority (QIA) on Wednesday entered into an alliance led by AccorHotels Group to acquire Fairmont Hotels & Resorts and Raffles Holdings, the parent company of the Fairmont, Raffles, and Swissotel hotel brands.
The agreement included QIA, AccorHotels Group, Kingdom Holding Company and Oxford Properties.
By signing this deal, QIA will increase its stack in AccorHotels to 10.5%, while Kingdom Holding will own 5.8% of the total shares of AccorHotels, according to a statement by the Qatari authority released on Thursday.
“Since the beginning of our investments, Fairmont and Raffles became a leading trademark in luxury hotels sector, and enjoyed an international strong presence,” said Qatar Investment Authority’s Chief Executive Officer Abdullah bin Mohammed Al Thani.
The CEO also said that he’s looking forward for QIA to be one of the main shareholders in the group.
