Singapore’s largest luxury hotels await new owners after $4.1b takeover deal

France’s Accor now owns the Raffles, Swissotel and Fairmont brands.

Three of Singapore’s largest luxury hotels—Raffles, Swissotel The Stamford, and Fairmont—will now have a new owner after French hotel operator Accor launched a $4.1b (US$2.9b) takeover bid for FRHI Holdings, which currently holds the three brands.

FRHI is owned by the Qatar Investment Authority (QIA), Kingdom Holding Company (KHC) of Saudi Arabia and Oxford Properties.

This is Accor’s first acquisition in Singapore, although it also operates the Ibis and Sofitel chains, as well as Novotel Singapore Clarke Quay and Grand Mercure Singapore Roxy in Singapore.

The deal covers 155 hotels and resorts, of which 40 are under development, and more than 56,000 rooms.