×
2 602
Fashion Jobs
SHISEIDO
Nars Account Manager - Harvey Nichols London (37.5 Hours)
Permanent · London
ESTEE LAUDER
Clinique - Consultant - m&s Newcastle - 15 Hours - Part Time, Permanent
Permanent · Newcastle upon Tyne
ESTEE LAUDER
jo Malone London - Marketing And Consumer Engagement Director
Permanent · London
AESOP
Retail Consultant | Part-Time, Permanent | Aesop Selfridges Exchange Square, Manchester
Permanent · Central
BOOHOO
Print Sales Account Manager
Permanent · MANCHESTER
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
ESTEE LAUDER
Mac Cosmetics - Business Manager - Mac Stratford2, London - 37.5 Hours / Week - Full Time, Permanent
Permanent · London
HARRODS
Brand Manager
Permanent · LAKESIDE
HARRODS
Uniformed Security Officer
Permanent · LONDON
VF INTERNATIONAL
Senior Distribution Systems Specialist
Permanent · COALVILLE
ESTEE LAUDER
Bobbi Brown, la Mer And Darphin - CRM & Insights Assistant
Permanent · London
HARRODS
Food Supply Manager
Permanent · LONDON
JOHN LEWIS
Loss Prevention Partner
Permanent · CAMBRIDGE
HEAD OFFICE
Cyber Security Lead – Incident Response
Permanent · BRACKNELL
HEAD OFFICE
Delivery & Operations Manager
Permanent · BRACKNELL
BOOHOO GROUP
Product Manager
Permanent · MANCHESTER
DEBENHAMS
CRM Executive
Permanent · LONDON
PRETTYLITTLETHING
Business Analyst
Permanent · MANCHESTER
PRETTYLITTLETHING
Buying Admin Assistant
Permanent · MANCHESTER
BOOHOO GROUP
Warehouse Operative - pm Shift
Permanent · WELLINGBOROUGH
BOOHOO GROUP
Product Insights Manager
Permanent · MANCHESTER
BOOHOO GROUP
Technical Delivery Manager
Permanent · MANCHESTER
Ads
By
Reuters
Published
Dec 9, 2015
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

AccorHotels to buy luxury hotels group in $2.9 billion deal

By
Reuters
Published
Dec 9, 2015

AccorHotels, Europe's largest hotel company, said on Wednesday it was 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.

The deal, AccorHotels' biggest, is the latest in a wave of acquisitions in a sector trying to fend off new competition from online rivals such as AirBnB and will see two major Gulf investors taking stakes in the French company.

TheShops at The Plaza - The Plaza New York, Fairmont Hotels


The Paris-based company said in a statement it would pay for FRHI Holdings Ltd - parent of the Fairmont, Raffles and Swissotel chains - with $840 million in cash and by issuing 46.7 million new shares.

The capital increase will leave the Qatar Investment Authority with a 10.5 percent stake in Accor and Kingdom Holding 4280.SE, Saudi billionaire Prince Alwaleed bin Talal's investment company, with 5.8 percent.

Two QIA representatives will be appointed to AccorHotels' board and Kingdom Holding will have one, Accor's Chief Executive Sebastien Bazin said on a conference call.

An extraordinary shareholders meeting is due to be held in the second half of 2016.

The company said the deal would boost earnings starting from the second year with 65 million euros in revenue and cost synergies expected.

The deal follows on the heels of Marriott International Inc's $12 billion takeover of Starwood Hotels & Resorts Worldwide Inc earlier this year to create the world's largest hotel group..

AccorHotels, which competes with InterContinental (IHG.L) and Starwood as well as Marriott, is undergoing a reorganization under Bazin who took the top post two years ago.

Bazin said on Wednesday that the objectives set under the reorganization plan remained intact.
 

© Thomson Reuters 2022 All rights reserved.