Cahill Returns To Lead Fairmont, Accor Luxury Group
by Doug Gollan and Jessica MontevagoThe Fairmont Copley Plaza Hotel in Boston, MA. Photo:
Industry veteran Chris Cahill, who helped build FRHI via Canadian Pacific’s acquisitions of Fairmont, Raffles and Swissotel, is returning home to lead the combined luxury brands of Accor and FRHI.
The two companies made the announcement today in Paris following the approval of Accor’s acquisition plan at its general shareholders meeting.
Cahill will lead the FRHI’s integration into AccorHotels portfolio, as well as head the global operations for AccorHotels luxury brands.
“It’s a huge job, and quite complicated to put all those pieces together….but, I think he can do it well,” Michael Holtz, CEO of SmartFlyer, told Travel Market Report.
Of his 30 years in the hotel industry, Cahill previously spent 19 with FRHI and its predecessor companies. He most recently served as executive vice president of global operations at Las Vegas Sands Corp.
Shareholders approved the sale to Qatar Investment Authority, Kingdom Holding and Oxford Properties for $46.7 million in new shares and $840 million in cash, adding more than 100 high-end hotels to AccorHotels portfolio, among them London’s Savoy and New York’s Plaza Hotel.
The sale will increase AccorHotels’ North American portfolio from 16 to 56 properties. It will also benefit from FHRI’s customer base, which includes three million loyalty members. AccorHotels stands to generate approximately $70 million dollars in revenue.
The Paris-based company currently operates more than 3,800 hotels in 94 countries, including brands Sofitel, Pullman, MGallery, Grand Mercure, and Novotel.
“For Accor, the acquisition of Canada-based Fairmont marks a big move into the upscale end of the North American hotel. The acquisition of these three emblematic luxury hotel brands is a historical milestone for AccorHotels. It will open up amazing growth prospects, lift our international presence to unprecedented heights, and build value over the long term,” Sébastien Bazin, chairman and chief executive officer of AccorHotels, said in a statement.
