PARIS, Dec 9 (Reuters) - AccorHotels ACCP.PA , Europe's
largest hotel group, said on Wednesday it reached a deal to buy
FRHI Holdings Ltd to boost its position in the luxury hotel
market and in North America.
The agreement with Qatar Investment Authority and Kingdom
Holding Company of Saudi Arabia provides for a cash payment of
$840 million (768 million euros) and the issuance of 46.7
million Accor shares, AccorHotels said in a statement.
This is the latest move in a consolidating hotel industry
trying to better compete with apartment-sharing start-ups such
as Airbnb, after Marriott International Inc MAR.O launched a
$12 billion takeover of Starwood Hotels & Resorts Worldwide (N:HOT) Inc
HOT.N to create the world's largest hotel group.
ID:nL3N13B3R2 .
FRHI operates luxury hotel brands Fairmont, Raffles and
Swisshotel.