AccorHotels buys FRHI – parent of Fairmont, Raffles and Swissôtel

By eHotelier editor|December 10th, 2015

AccorHotels has announced 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.
法國雅高酒店集團已宣佈併購 FRHI置業有限公司(由費爾蒙酒店集團、萊佛士酒店集團及瑞士酒店集團組成)。該併購案合約由雅高集團與中東主權基金卡達投資局(QIA)、沙烏地阿拉伯親王阿瓦里德所主持的公國控股公司(KHC)、加拿大安大略市府員工退休基金公司(在英國牛津的據點)共同簽署完成。

FRHI’s portfolio includes legendary properties such as The Savoy in London

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酒店集團包含三個享譽國際的奢華酒店品牌：萊佛士、費爾蒙及瑞士酒店集團。該集團擁有155家酒店及渡假酒店(當中有40間正在籌備中)及超過56000間客房(其中約13000間正在興建中)。FRHI酒店集團的據點包含數間歷史傳奇性酒店：新加坡萊佛士酒店、英國倫敦Savoy酒店、中國上海費爾蒙和平飯店、美國紐約 Plaza酒店、法國巴黎萊佛士酒店 Le Royal Monceau, 美國舊金山費爾蒙酒店、加拿大費爾蒙班夫溫泉酒店、加拿大魁北克的費爾蒙芳堤娜城堡酒店、美國聖地牙哥費爾蒙 Del Mar 大酒店及新加坡瑞士史丹福酒店。FRHI酒店集團擁有超過45000名員工為其效力。

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.
FRHI酒店集團的酒店及渡假酒店橫跨34個國家及5大洲，在北美洲有42個據點，南美洲有2個據點，而26個據點在歐洲，17個據點在非洲及中東區，至於亞太區則有28個據點。集團的酒店都位在全球主要的旅遊目的地，尤其是在國際旅遊市場居首的美國。絶大多數的旗下酒店(108間)都簽署了相當長期的營運管理合約(平均都仍剩下近30年的時效)，而 6間酒店則是特許經營的方式(加盟)，只有1間是由 FRHI集團獨自擁有及經營。

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.
這項涵蓋三個國際酒店品牌的併購案將策略性地強化雅高酒店集團的品牌組合，並且讓雅高集團的企業財務數據更能達到損益平衡。將萊佛士、費爾蒙及瑞士酒店整併之後，除了能擴大法國雅高集團在高端奢華酒店區塊的全球分佈，並且能為日益提高的顧客期望與要求提供正向解決方案。

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.
在擁有近500個高端奢華酒店據點後，法國雅高酒店集團將成為國際奢華酒店集團的主要競爭者之一，並且能提供最具獲利性的經營管理方案以及在眾多市場區塊中的最佳成長潛能。FRHI集團的經營團隊會鞏固雅高集團在高端奢華酒店領域的專業，並藉由目標性與創新價值的擴大策略，讓雅高集團有新的企業雄心。

AccorHotels aims to generate around USD$71.5 million (€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.
法國雅高集團預期能獲益約美金7150萬元(折合約6500萬歐元，或約23.5億新台幣)，而成本的綜合效益則歸功於酒店品牌的結合、酒店收益的最大化、行銷及相關平台的效率增長及支授成本的正面發展。至於顧客資料數據也會有重大進展，而這要歸功於有300萬會員的資料整合(其中75%來自於北美洲)。此併購案交易會在次年的每股盈餘中增值，並在第三年之前具有完全的綜合效益。

The agreement with Qatar Investment Authority and Kingdom Holding Company of Saudi Arabia provides for the cash payment of USD$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.*
雅高集團與卡達投資局及沙烏地阿拉伯的公國置地公司之合約提出8.4億美金(折合約7.68億歐元，或276億新台幣)的現金以及市值4.67億美金(約153億新台幣)的雅高集團股票所支付。這些股票將經由儲備資本增資來發行，且需經特別股東大會的股東同意。此項交易將使卡達投資局及公國置地公司各別持有10.5%及5.8%的雅高股份。另外，2位卡達投資局代表及1位公國置地公司代表將會被指派到雅高集團董事會。

“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.
法國雅高酒店集團主席暨執行長 Sébastien Bazin 表示：「這是把三個享譽國際的酒店品牌─萊佛士、費爾蒙及瑞士酒店─加入到我們集團的絶佳機會，而且讓雅高集團向前邁進一大步。這個機會讓我們在高端奢華酒店中居於健全與全球性領導地位，而為求長期的價值創造，從據點分佈、成長潛力及獲利能力的角度來看，高端奢華酒店是個重要區塊。此外，此項交易能讓我們藉由FRHI集團裡眾多值得敬重且專精的國際人才來強化雅高集團自身的人力資本，因為FRHI集團的人才在奢華酒店的營運及行銷上都廣受認可。而因為有二家高端投資公司(兩者都在旅館業有極佳的專業)的加入，此併購交易也能讓雅高集團得以鞏固股東基礎。這重大的併購案彰顯出雅高集團能在快速變遷的旅館業中靈活應變，並且讓我們得以更有效的服務我們的客戶及酒店業主。憑藉此併購，我們在現今產業整合風潮中自我定位為重要的競爭者，但仍維持實質的轉圜空間來執行集團改造計畫。」

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.”
卡達投資局 Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani 閣下表示：「由於我們的投資，費爾蒙暨萊佛士國際酒店集團已成為一間有著國際版圖且卓越的奢華酒店公司。這項交易能產出我們在不動產及酒店物業投資下一階段成長所需的經濟規模。卡達投資局對雅高酒店集團有信心並期待成為重要的股東。」

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.
這項交易須經政府的反托拉斯機關的核可。在雅高集團一方，羅斯柴爾德公司及Zaoui & Co. 都是此併購案中的財務顧問，而 Darrois Villey Maillot Brochier 及 Proskauer Rose LLP則為法務顧問。至於FRHI集團一方，德意志銀行證券公司及摩根史坦利公司擔任財務顧問，至於麥啟泰律師事務所及偉凱律師事務所則擔任法務顧問。

* Subject to the approval of shareholders at an Extraordinary Shareholders’ Meeting
  卡達投資局及公國置地公司在雅高集團董事會的代表席次須經特別股東會議中股東同意始可成立。