FRHI has sold its entire portfolio to AccorHotels for €2.6 billion

FRHI, the owner of 155 hotels in 34 countries, including many famous names such as the Savoy in London, Raffles in Singapore and the Plaza in New York, has sold its entire portfolio to French company AccorHotels, which owns a number of chains including Novotel and Ibis, for a total of €2.6 billion.

The owners of FRHI include the Qatari Investment Authority and the Kingdom Holding Company of Saudi Arabia. They are taking their payment in shares which will give the former 10.5 per cent and the   latter 5.8 per cent of the shares in Accor.

This is the second major hotel merger in the past month, although the previous deal between Marriott International and Starwood Hotels created a much larger group.