Accor made an announcement back in December (read more here) that it has reached an agreement with Qatar Investment Authority and Kingdom Holdings to purchase FHRI the parent of Fairmont, Raffles and Swissotel.
The Accor put up a press release yesterday that the purchase of the FHRI had now been cleared by antitrust authorities and that the deal should close by mid-2016.
Here’s the press release from Accor:
AccorHotels announces Achievement of Key Milestones with Antitrust Clearance of Proposed Acquisition of Fairmont Raffles Hotels International
AccorHotels announces today that it has cleared all antitrust approvals in relevant jurisdictions, satisfying one of the closing conditions of the pending acquisition of Fairmont Raffles Hotels International.
As previously announced, the main next step to finalize this acquisition will be AccorHotels’ Extraordinary Shareholders meeting to approve reserved capital increase and Board representations for Qatar Investment Authority and Kingdom Holding. This meeting should be convened in the coming weeks. The transaction is expected to close mid-2016.
It is interesting what Accor and Le Club AccorHotels will do with the loyalty programs that Fairmont and Swissotel brands have. I have lifetime Fairmont Platinum status so have some interest that Accor won’t screw the President’s Club members.