TORONTO — FRHI Hotels & Resorts is reportedly up for sale. According to The Wall Street Journal, a source says its Middle East-based owners, which include Saudi Arabia-based Kingdom Holding Company and Qatar-based Katara Hospitality are looking to sell the Toronto-based company.
FRHI operates 116 hotels with 44,000 rooms in 34 countries, including 20 units in Canada under the Fairmont Hotels & Resorts, Raffles Hotels & Resorts and Swissôtel Hotels & Resorts banners. One hotel executive said the company could be acquired for $3 billion.
The company has projected a 50-per-cent growth during the next five years, most of it internationally. During the past year FRHI has opened new units in Turkey, China, Indonesia and Russia.
As acquisition activity flourishes in the hotel sector, many are looking to Starwood Hotels & Resorts’ after its recent announcement that it is considering a review of strategic alternatives, which may include taking over or merging with another company. [blogs.wsj.com]