AccorHotels announced the signing of an agreement with the Qatar Investment Authority (QIA), Kingdom Holding Company of Saudi Arabia and Oxford Properties, the real estate division of the Ontario Municipal Employees Retirement System, for the acquisition of FRHI Holdings Ltd (FRHI), parent company of Fairmont, Raffles, and Swissôtel chains. The US$2.9 billion deal will include FRHI’s three global luxury hotel brands, covering 155 hotels and resorts – of which 40 are under development – and more than 56,000 rooms spanning across 34 countries. According to Sébastien Bazin, Chairman and CEO of AccorHotels, the acquisition of these three global brands will strategically enhance the group’s portfolio and their geographic reach, in particular in the United States − the primary issuing market for international tourism. With its new portfolio of nearly 500 luxury and upscale properties, AccorHotels aims to generate about €65million in revenue and cost synergies in the medium-term from the amalgamation of brands, the maximization of hotel earnings, and the increased efficiency of marketing, sales and distribution channel initiatives. The deal comes shortly after Marriott’s US$12 billion takeover of Starwood, and continues with the rising trend of consolidation in the hotel industry.
Chinese state-owned BTG Hotels Group has announced that it will acquire domestic rival and leading economy hotel chain Homeinns Hotel Group for RMB11 billion (US$1.7 billion). BTG Hotels Group’s brands presently include BTG-Jianguo Hotels and Resorts, BTG-Jinglun Hotels and Shindom Inn, and the addition of Homeinns’ five brands will certainly help BTG round out its portfolio of brands. Listed on NASDAQ, Homeinns is the largest Chinese economy hotel chain, with more than 2,700 hotels in operation across 346 cities in China.
Carlson Rezidor launched the Park Inn by Radisson hotel in Amritsar earlier this week. Located on the Airport Road, the hotel features 89 rooms, one restaurant and a lounge, a swimming pool, a fitness center and 53 square meters of meeting space. Complimentary shuttle services from the hotel to the city centre, railway station, airport, and the Golden Temple will be available to guests. The owner, Mr. Rajan Gill, also owns another hotel operating in the city − the Radisson Blu Amritsar. Amritsar, one of the oldest cities in the state of Punjab, is renowned world over for its famous religious and historical sites such as the Golden Temple, Jallianwala Bagh and Wagah border.
AccorHotels has joined hands with Luneng Group to open three hotels in the next three years. The first of the three openings will be the Mercure Beijing Luneng, a 75-room conversion project slated to open in Q4 2017. The other two newly-build properties – Pullman Beijing Luneng and MGallery Beijing Luneng – are expected to welcome its first guests in Q4 2018. Mercure Beijing Luneng will be located in Shunyi district, featuring two restaurants, a lounge and a function space. Pullman Beijing Luneng, also will be located in Shunyi district and will be a part of a mixed-use development that includes residential, retail and office components. On the other hand, MGallery will be built in Grasse Town, an upscale villa development in Tongzhou district, situated in the vicinity of several golf courses and a 15 minutes drive from the Beijing Capital International Airport.
Closing Share Price as at
10 Dec 2015
3 Nov 2015
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