Accor buys FRHI Hotels & Resorts
PARIS — Following the approval of shareholders at the general shareholders meeting on July 12, AccorHotels Group officially announces the acquisition of FRHI Hotels & Resorts (FRHI) and its three luxury hotel brands: Fairmont, Raffles and Swissôtel.
This addition of these three brands positions AccorHotels as a leading player in the global luxury hotel market, increases long-term growth potential and significantly expands the company’s footprint in North America.
“Today is a great day for our group. The acquisition of these three emblematic luxury hotel brands is a historical milestone for AccorHotels. It will open up amazing growth prospects, lift our international presence to unprecedented heights, and build value over the long term,” says Sébastien Bazin, chairman and CEO of AccorHotels, in a release.
“By leveraging the operational synergies between FRHI and AccorHotels, we are well-positioned to accelerate the growth of our luxury brands and offer guests even more exciting hotel choices and destinations to explore,” added Bazin.
Cahill named CEO Luxury Brands
Canadian Chris Cahill has been appointed the group's chief executive officer, Luxury Brands. In this newly created role, Cahill, who will also become a member of AccorHotels’ executive committee, will lead the FRHI integration process and be responsible for the strategy and global operations of AccorHotels Luxury Brands. This new structure will include Raffles, Fairmont, Sofitel Legend, So Sofitel, Sofitel, MGallery by Sofitel, Pullman and Swissotel.
Cahill will now be based in Paris.
Prior to his appointment, Cahill worked as executive vice president Global Operations for Las Vegas Sands Corp, a publicly traded gaming company with operations in the US, China and Singapore. Before that, he served for 19 years (1993-2012) in various capacities at Fairmont Raffles Hotels International and its predecessor companies including president and chief operating officer responsible for the operating performance of all brands globally. Earlier in his career, Chris developed a strong track record in all facets of hotel business (operations, sales and marketing) in cities across Canada during an 18 year period.
"During my previous time at FRHI, I was responsible for the operating performance of all brands globally; my time with Las Vegas Sands Corporation expanded on this global expertise. Both roles have provided me with a deep understanding of the luxury hotel business, including areas such as operations, branding, development, sales and marketing," Cahill told CLN.
"The first few months will be focused on the integration process – ensuring we have the right structure and teams in place, and that the transition is smooth for all involved. I can say that my past experience in mergers and brand integration will be put into effect as we want to fully understand each organization's strengths and how to best leverage these to support all the luxury brands in our portfolio."
Cahill said his first priority will be to fully develop AccorHotels’ new Luxury Brands structure. "We need to have the right leaders and teams in place to ensure we outperform and continue to drive brand growth in key markets globally.
"In the short term, brand immersion for corporate and regional colleagues will also be crucial. Time will be spent to ensure we are getting teams up-to-speed on all of our luxury and upscale brands and their unique selling propositions. We have some of the best luxury brands in the business, so authentic storytelling is going to be a really important focus for our Luxury group moving forward."