TORONTO — FRHI Hotels & Resorts is reportedly up for sale. According to The Wall Street Journal, a source says its Middle East-based owners, which include Saudi Arabia-based Kingdom Holding Company and Qatar-based Katara Hospitality, are looking to sell the Toronto-based company.
“There has been some (media) coverage appear on this; however, we aren’t commenting on the speculation,” said Mike Taylor, director of public relations, at FRHI Hotels & Resorts.
FRHI operates 116 hotels with 44,000 rooms in 34 countries, including 20 properties in Canada under the Fairmont Hotels & Resorts, Raffles Hotels & Resorts and Swissôtel Hotels & Resorts banners. One hotel executive, quoted in media reports, said the company could be acquired for $3 billion.
The company has projected 50-per-cent growth during the next five years, most of it internationally. In the past year, FRHI has opened hotels in Turkey, China, Indonesia and Russia.
As acquisitions flourish in the hotel sector, many are looking to Starwood Hotels & Resorts after its recent announcement that it is considering a review of strategic alternatives, which may include taking over or merging with another company.