A Strategic Deal to Create a Worldwide Leader in the Luxury Segment
· An unrivalled collection of iconic hotel assets with 155 hotels and resorts, of which 40 are under development
· Acquisition to provide AccorHotels with robust and global leadership in luxury hotels, a key segment in terms of geographic reach, growth potential and profitability, for long-term value creation
· FRHI’s unrivalled hotel portfolio, expertise in marketing luxury hotels and sizeable footprint in North America, provide a stronger platform to continue aggressive worldwide expansion.
· AccorHotels will pay for the acquisition by issuing 46.7 million new Accor shares and a cash payment of $840 million (€768 million) – Qatar Investment Authority and Kingdom Holding Company of Saudi Arabia are to become major shareholders, with 10.5% and 5.8% of the share capital* respectively
· Transaction will be accretive to earnings per share from the second year with €65 million in revenue and cost synergies identified in the medium term
AccorHotels today announces the signing of an agreement with the Qatar Investment Authority (QIA), Kingdom Holding Company (KHC) of Saudi Arabia and Oxford Properties, an Ontario Municipal Employees Retirement System (OMERS) company for the acquisition of FRHI Holdings Ltd (FRHI), parent of Fairmont, Raffles, and Swissôtel.
“This is an outstanding opportunity to add three prestigious brands – Fairmont, Raffles and Swissôtel – to our portfolio, and a great step forward for AccorHotels. It offers us robust and global leadership in luxury hotels, a key segment in terms of geographic reach, growth potential and profitability, for long term value creation. In addition, the deal allows us to strengthen our human capital with FRHI’s widely respected and talented global workforce which has a proven track record in operating and marketing luxury hotels. The transaction will also enable the Group to consolidate its shareholder base, with the arrival of two high-profile investors that both have extensive expertise in the hospitality industry. This major acquisition demonstrates the Group’s agility in a fast-changing industry and will allow us to more effectively support our guests, clients and hotel owners. Through it, we are positioning ourselves as a key player in the current industry consolidation process while maintaining substantial leeway to implement our transformation plan,” said Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels.
His Excellency Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, CEO of Qatar Investment Authority, said: “Since making our investment, Fairmont Raffles Hotels International has become a leading luxury hotel company with an expanded international presence. This deal generates the scale needed to drive the next phase of growth in our real estate and hospitality investments. QIA has confidence in AccorHotels and looks forward to becoming a significant shareholder.”
FRHI includes three of the most prestigious global luxury hotel brands: Raffles, Fairmont and Swissôtel. It has 155 hotels and resorts (of which 40 are under development), and more than 56,000 rooms (of which approximately 13,000 are under development). Its portfolio includes such legendary properties as Raffles Singapore, The Savoy in London, Shanghai’s Fairmont Peace Hotel, The Plaza Hotel in New York, Le Royal Monceau - Raffles Paris, Fairmont San Francisco, Fairmont Banff Springs (Canada), Fairmont Le Château Frontenac in Quebec, the Fairmont Grand Del Mar in San Diego, and Swissôtel The Stamford in Singapore. FRHI has more than 45,000 employees under its brands.
FRHI’s hotels and resorts span 34 countries across five continents, with 42 properties in North America, 2 in South America, 26 in Europe, 17 in Africa/Middle East and 28 in Asia-Pacific. They are located in the world’s major tourist destinations, particularly in the United States, the leading outbound travel market. The vast majority of hotels (108) are operated under very long-term management contracts, with average remaining terms of nearly 30 years; six hotels are leased and one hotel is owned.
The acquisition of these three global brands will strategically enhance AccorHotels’ brand portfolio, and will provide AccorHotels with a better-balanced business profile. The integration of Raffles, Fairmont and Swissôtel will broaden the Group’s geographic footprint in the luxury segment, and enable it to optimize its luxury and upscale brands in order to adapt its offering to the expectations of an increasingly demanding clientele.
With nearly 500 luxury and upscale properties, AccorHotels will become one of the key global players in this segment and will be able to offer the most profitable management contracts and the best growth potential in many markets. FRHI teams will bolster AccorHotels’ expertise in the luxury segment and provide the Group with new ambitions, through targeted, value-creative expansion.
AccorHotels aims to generate around €65 million in revenue and cost synergies thanks to the combination of brands, the maximization of hotel earnings, the increased efficiency of marketing, sales and distribution channel initiatives, and the optimization of support costs. Significant improvements will also be made in terms of customer data, thanks to the integration of a customer base including 3 million loyalty members, of which 75% are North Americans. The transaction will be accretive on earnings per share from the second year, with synergies fully effective by the third year.
The agreement with Qatar Investment Authority and Kingdom Holding Company of Saudi Arabia provides for the cash payment of $840 million (€768 million at the current exchange rate) and the issuance of 46.7 million Accor shares. These shares will be issued via a reserved capital increase, subject to the approval of shareholders at an Extraordinary Shareholders’ Meeting. The transaction will leave QIA and KHC respective stakes of 10.5% and 5.8% in Accor’s share capital. Two representatives of QIA and one representative of KHC will be appointed to the Accor Board of Directors.*
This transaction is subject to the regulatory approvals of the antitrust authorities. Rothschild and Zaoui & Co are acting as financial advisors and Darrois Villey Maillot Brochier and Proskauer Rose LLP are acting as legal advisors to AccorHotels on this transaction. Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as financial advisors and McCarthy Tetrault LLP and White & Case LLP are acting as legal advisors to FRHI on this transaction.
* Subject to the approval of shareholders at an Extraordinary Shareholders’ Meeting
这项具有战略意义的交易将打造全球奢华酒店领域的领导者
· 此项交易囊括了155 家酒店和度假酒店（其中40 家筹备中）在内的，诸多无与伦比的标志性酒店
· 收购将帮助雅高酒店集团在奢华酒店市场稳健成长为全球领导者。奢华酒店市场就覆盖范围、成长潜力和盈利性而言，是重要的酒店细分市场，具有长期的发展价值。
· FRHI 拥有无与伦比的酒店品牌组合，在奢华酒店的营销领域具备专长，在北美地区影响巨大，这为雅高酒店集团进一步积极地全球扩张提供了更强大的平台。
· 雅高酒店集团将发行价值 4,670 万美元的新股，并支付 8亿4千万美元现金（相当于7亿6千8 百万欧元）。–卡塔尔投资局和沙特阿拉伯王国控股公司将成为最大的股东，分别拥有 10.5% 和 5.8% 的股份*
· 从交易的第二年起，每股收益将随交易增加，收入额为 6,500 万欧元，中期便可显现成本协同效益
雅高酒店集团今日宣布，已与卡塔尔投资局 (QIA)、沙特阿拉伯王国控股公司 (KHC) 以及牛津物业（一家安大略省城镇雇员退休系统 (OMERS) 公司）签订协议，收购 FRHI 控股有限公司（费尔蒙、莱佛士和瑞士酒店的母公司）。
雅高酒店集团主席兼首席执行官塞巴斯蒂安巴赞 (Sébastien Bazin) 表示，“这对我们来说是个绝佳的机会，可以将费尔蒙、莱佛士和瑞士酒店这三大著名品牌纳入我们集团，对雅高酒店集团来说向前迈进了一大步。这将帮助雅高酒店集团在奢华酒店市场稳健成长为全球领导者。奢华酒店市场就覆盖范围、成长潜力和盈利性而言，是重要的酒店细分市场，具有长期的发展价值。此外，FRHI 在全球拥有广受认可和高水准的人才团队，在奢华酒店的运营和营销方面成绩斐然，此次收购将帮助我们更好地完善人力资本。两家具有强大实力的，且在酒店业拥有丰富专业知识的投资商的加入，将更好地整合集团的股东结构。这次重量级的收购表明，集团在日新月异的行业中的灵活发展，将更好地服务客人、客户和酒店业主。通过收购，我们把自身定位成当前业界整合过程中的关键成员，同时保有充裕的资源来执行我们的转型计划。”
卡塔尔投资局首席执行官Abdulla Bin Mohammed Bin Saud Al-Thani酋长表示：“在投资费尔蒙莱佛士国际酒店集团 (FRHI)以来，FRHI已经成为了在全球具有越来越大的影响力的，领先的奢华酒店公司。这项交易为我们带来了发展所需的更大平台，为我们在房地产业和酒店业投资的下一阶段发展注入了新的动力。卡塔尔投资局对雅高酒店集团充满信心，并期望成为其重要的股东之一。”
FRHI拥有全球三大最著名的奢华酒店品牌：莱佛士、费尔蒙和瑞士酒店。拥有155家酒店和度假酒店（其中40 家正在筹备中），以及超过 56,000间客房（其中约有 13,000 间正在筹备中）。集团旗下的传奇性酒店包括有新加坡莱佛士酒店、伦敦萨伏依酒店、上海费尔蒙和平饭店、纽约广场酒店、巴黎莱佛士皇家蒙索酒店、旧金山费尔蒙特酒店、费尔蒙班夫温泉酒店（加拿大）、魁北克费尔蒙芳提娜城堡酒店、圣地亚哥德玛大酒店以及新加坡瑞士史丹佛酒店。FRHI集团拥有超过 45,000 名员工。
FRHI集团旗下的酒店和度假酒店横跨五大洲34个国家，其中在北美洲有42家、南非2家、欧洲26家、非洲及中东地区17家，以及亚太地区28家。他们分布在全球主要的旅游胜地，尤其在美国这个领先的出境游市场。这些酒店绝大多数（108家）在期限极长的管理合同下经营，平均剩余期限接近30年，其中六家酒店为租赁持有，一家为自有。
收购这三大全球品牌在战略上将提高雅高酒店集团的品牌组合，更协调雅高酒店集团的业务概貌。莱佛士、费尔蒙和瑞士酒店的融合将扩大集团在奢华酒店领域的地理分布，优化奢华及高端品牌，以满足越来越高要求客人的期望。
拥有近500家奢华及高端酒店的雅高酒店集团，将成为奢华酒店领域关键的国际性的成员，能够签订盈利最厚的管理合同，在许多市场上具有最大的增长潜力。FRHI 将在奢华酒店领域为雅高酒店集团提供专业的知识和技能支持，通过针对性的增值型扩张，让集团向更远大的目标迈进。
雅高酒店集团旨在通过品牌整合、最大化酒店收入、提高营销效率、开拓销售及分销渠道，创造6,500万欧元的收入和形成成本协同效益。还会通过整合客户资源（包含300万忠诚会员，其中75%为北美客人），大幅增加客人人数。此项交易将从第二年开始增加每股收益，在第三年之前全面产生协同增效效应。
雅高酒店集团与卡尔塔投资局（QIA）及沙特阿拉伯王国控股公司（KHC）签订的协议规定以现金支付8亿4千万美元（按现行汇率相当于7亿6千8 百万欧元），并发行 雅高酒店集团4,670万新股。经股东在特别股东会议上通过后，这些股份将通过增加储备资本发行。此项交易将使卡尔塔投资局和沙特阿拉伯王国控股公司在雅高酒店集团分别持股10.5%和5.8%。卡尔塔投资局的两名代表及沙特阿拉伯王国控股公司的一名代表将成为雅高酒店集团董事会成员。*
此次交易经反垄断机构监管审批。在此次交易中， 雅高酒店集团财务顾问由 Rothschild 和 Zaoui & Co 担任，法律顾问由 Darrois Villey Maillot Brochier 和 Proskauer Rose LLP 担任。FRHI 财务顾问由德意志银行证券有限公司和摩根斯坦利有 限公司担任，法律顾问由 McCarthy Tetrault LLP 和 White & Case LLP 担任。
*经股东在特别股东会上通过。
