White & Case Advises on US$2.9 Billion Sale of Luxury Hotel Group to AccorHotels
Global law firm White & Case LLP has advised FRHI Holdings Limited (FRHI), Qatar Investment Authority (QIA) and Kingdom Holding Company of Saudi Arabia (Kingdom) on the US$2.9 billion stock-and-cash sale of FRHI, the parent company of luxury hotel brands Fairmont, Raffles and Swissôtel, to AccorHotels (Accor).
Accor is funding the acquisition by issuing 46.7 million new Accor shares and a cash payment of US$840 million. QIA and Kingdom will become major shareholders in Accor, respectively holding 10.5 percent and 5.8 percent of its share capital. The transaction is subject to customary regulatory approvals from the antitrust authorities and shareholder approval.
FRHI has 155 hotels and resorts (of which 40 are under development) and more than 56,000 rooms (of which around 13,000 are under development). The managed hotels portfolio spans 34 countries across five continents in locations that are among the world's major tourist destinations. It includes iconic properties such as Raffles Singapore, The Savoy London, Shanghai's Fairmont Palace Hotel, The Plaza Hotel in New York and Le Royal Monceau – Raffles Paris.
The White & Case team which advised on the transaction was led by partners Oliver Brahmst and Carolyn Vardi (New York) and included partners Franck de Vita (Paris), John Lillis (New York), François Leloup (Paris), James Killick (Brussels) and Michiel Visser (Doha), and associates Michael Elliott, Steven Gee, Zachary Henick (all New York), Léo Catafau Castellet (Paris) and Sophie Sahlin (Brussels).
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