Insiders: IHG to Close on $2.95B Fairmont Acquisition
Talk about closing. InterContinental Hotels Group is picking up Canadian hotel chain Fairmont for a rumored $2.95B price tag, inside sources reveal. The deal is expected to become official in the coming weeks, reports say. Fairmont, which owns over 100 hotels worldwide, was put up for sale earlier this year by FRHI, whose biggest shareholder is the Qatari government.
IHG reportedly beat out big-name rivals Wyndham and Accor. This deal comes just months after IHG pulled out of its significant merger with Starwood. The purchase is a move towards hotel manager instead of just hotel owner for the British hotel giant. And more could follow soon. According to reports, IHG also has its eyes set on Swiss hotel management company Movenpick. [Invezz]