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Fairmont Hotels formally becomes part of the AccorHotels group

As of today, Fairmont and its sister brands Raffles and Swissotel have formally joined the AccorHotels group. As per the press release: “Following the approval of shareholders at the General Shareholders Meeting on July 12, 2016, the transaction with Qatar Investment Authority (QIA) and Kingdom Holding Company (KHC) of Saudi Arabia provided $840 million (€768 million) cash payment and the issuance of 46.7 million AccorHotels shares in consideration for the contributed FRHI shares. The transaction gives QIA and KHC respective stakes of 10.4% and 5.8% in Accor’s share capital. Ali Bouzarif and Aziz Aluthman Fakhroo from QIA and Sarmad Zok from KHC will now join AccorHotels’ Board of Directors. AccorHotels plans to generate approximately €65 million in revenue and cost synergies thanks to the combination…

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