AccorHotels to bring first Raffles, second Fairmont to India

The new Fairmont Mumbai Airport hotel will follow the launch of Accor's Fairmont Jaipur, the first of the brand in India.

AccorHotels Group has set plans to expand across India with two new hotels. Not only is Accor debuting the Raffles brand in the country with its first property in Udaipur, but also the group is developing India's second Fairmont-brand hotel near Mumbai Airport in partnership with the Shrem Group

As part of a $2.7-billion deal with Qatar Investment Authority, Saudi Arabia's Kingdom Holding, Oxford Properties and Ontario Municipal Employees Retirement System, Accor acquired FRHI Holdings and its brands, including Fairmont, Raffles and Swissotel in 2015. The group reportedly paid for the hotel portfolio acquisition by issuing 46.7 million Accor shares on top of an $840-million cash payment. 

Gaurav Bhushan, GCDO for Accor, told the Economic Times that the group has planned to expand its luxury hotel portfolio in emerging markets like India. “The next big wave of growth for us is going to come from luxury and emerging markets. Luxury is an important component in these markets,” Bhushan said. He added that Accor was receiving active enquiries for Fairmont and Raffles hotels in India. 


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

AccorHotels has added even more hotel projects to its global development pipeline, including the debut of the Fairmont brand in the Caribbean with the Fairmont St Lucia at Sunset Bay opening in 2019. The group's signing of an exclusive partnership with the Hinduja Group and OHL Desarrollos followed soon after. As part of the agreement, the companies will redevelop London's old war office building in Whitehall into a Raffles hotel, which is expected to begin operating in three years.

Suggested Articles

The latest report from STR shows negative year-over-year results in the three key performance metrics during the week of July 7-13.

Ritesh Agarwal, the company's 25-year-old founder and CEO, has signed a $2 billion primary and secondary management investment round.

By year's end, the Turkish hotel company will have five properties along the Red Sea and Mediterranean.