The Wall Street Journal is reporting that the owners of FRHI Hotels & Resorts are looking to sell the luxury hotel operator, whose high-end brands include Fairmont, Raffles and Swissotel.
The Toronto-based company is owned by a Qatari government fund and Saudi Prince al-Waleed bin Talal’s Kingdom Holding Company. The two firms have hired Deutsche Bank and Morgan Stanley to market the company, these people said.
FRHI operates 116 hotels with nearly 44,000 rooms in 34 countries. The list includes some historic luxury properties like New York’s Plaza Hotel, the Peace Hotel in Shanghai and the Savoy in London.
A sale of FRHI could give a boost to merger and acquisition activity in the hospitality sector, which has been mostly dormant in recent years.
One hotel executive estimated that FRHI could fetch up to $3 billion.