Story and photos by Dr. Michael Lim The Travelling Gourmet TM
Copyright all rights reserved
The indomitable and implacable Travelling Gourmet TM tells you dear loyal readers and food and wine lovers about “La grande Dame de Singapour” aka Raffles Hotel…
Paris, July 12, 2016
ACCORHOTELS ADDS GLOBAL LUXURY BRANDS WITH LANDMARK
ACQUISITION OF FAIRMONT, RAFFLES AND SWISSÔTEL
AND STANDS AMONG THE LEADERS OF THE LUXURY HOTEL MARKET
Following the approval of shareholders at the General Shareholders Meeting on July 12,
2016, Accor Hotels Group officially announces the acquisition of FRHI Hotels & Resorts
(FRHI) and its three prestigious luxury hotel brands: Fairmont, Raffles and Swissôtel.
This addition of three remarkable brands instantly positions Accor Hotels as a leading
player in the global luxury hotel market, increases long term growth potential and
profitability, and significantly expands the company’s footprint in North America, the
world’s largest and most influential consumer market.
“Today is a great day for our Group. The acquisition of these three emblematic luxury
hotel brands is a historical milestone for Accor Hotels. 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 Chief Executive Officer of
The Raffles Grill is behind the lovely lady in red…
Recently, I have been dining in Raffles Grill, the hotel’s premier haute cuisine restaurant…and I must say that things are looking better with Accor in charge! Super yummie Lobster and Coquille St. Jacques (scallops) and Dacquoise Chocolate Dessert! Especially with lots of Billecart-Salmon Champagne including a 1999 Vintage. The icing on the cake was the convivial and charming company of mon ami, bon vivant Alexandre Bader, the MD of Billecart-Salmon Maison de Champagne in France. OMG! I was in 7th Heaven! One of the best Champagnes in the world and STILL family owned after almost 200 years! Is that amazing or what!
Not suprising that ACCOR in charge makes for better service and quality all around…After all, Accor are established and experienced professional hoteliers with hotels ranging from the lowly Mercure brand (Oh my God, don’t stay there! C’est terrible!) to the luxurious Sofitel brand (c’est magnifique…) Under the Qatar sovereign wealth fund people, I noticed many, many shortcomings…and I must add, even though it is politically incorrect…that Qatar has been implicated as a state sponsor of radical Islamic terrorists, and also implicated in giving lots of $$$$ to corrupt crooked Hillary Clinton who LOST the US Presidential Election recently. Well, what can I say, people who really know me…know that I don not do poltically correct. Political correctness a la poofter girlie man traitor scumbag obozo is very over-rated and asinine to boot. I am drinking Bollinger 1992 and Gonet Rose Champagne to celebrate his departure on 17 January 2017. Documented by many a survey to be the WORST President in history.
Let us discuss more interesting topics…
Chris Cahill appointed as the Group’s CEO Luxury Brands In support of the acquisition, and as part of Accor Hotels’ larger strategy to strengthen its luxury and upscale business, the company has appointed Chris Cahill as the Group’s Chief Executive Officer, Luxury Brands. In this newly created role, Chris, who will also become a member of Accor Hotels’ Executive Committee, will lead the FRHI integration process and be responsible for the strategy and global operations of Accor Hotels Luxury Brands. This new structure will include Raffles, Fairmont, Sofitel Legend, So Sofitel, Sofitel, MGallery by Sofitel, Pullman and Swissôtel.
Chris is an experienced hotelier who has led several successful integrations, is familiar with multi-brand management and brings an extensive background in luxury operations, sales and marketing. With more than 30 years of hospitality industry experience, including 19 years working with FRHI and its predecessor companies, Chris is ideally positioned to lead the integration of the Fairmont, Raffles and Swissôtel brands into the Accor Hotels portfolio, and will ensure Accor Hotels’ luxury brands grow and prosper. He most recently served as Executive Vice President Global Operations at Las Vegas Sands Corp.
Closing Details 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 Accor Hotels shares in consideration for the contributed FRHI shares. The transaction gives QIA and KHC respective stakes of 10.5% and 5.8% in Accor’s share capital. Ali Bouzarif and Aziz Aluthman Fakhroo from QIA and Sarmad Zok from KHC will now join Accor Hotels’ Board of Directors.
Accor Hotels plans to generate approximately €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 enhancements will also be made in terms of customer data, thanks to the integration of FRHI’s customer base that includes three million loyalty members, of which 75 percent are in North America.
The vast majority of Fairmont, Raffles and Swissôtel’s 154 hotels and resorts (of which 40 are under development) and 56,000 rooms spanning 34 countries and five continents are operated under long-term management contracts, with an average term of nearly 30 years; six hotels are leased and one hotel is owned. The Fairmont, Raffles and Swissôtel brands employ more than 45,000 colleagues worldwide.
CONFUCIUS he say:
Evil can be created but never controlled…
KARMA will strike those who are evil and bad…