AccorHotels has acquired FRHI Holding Ltd, parent of the Fairmont, Raffles and Swissôtel brands, for about $3 billion, increasing its portfolio to almost 500 luxury properties around the globe.

An agreement was signed with the Qatar Investment Authority, Kingdom Holding Company of Saudi Arabia and Oxford Properties.

FRHI has 155 hotels and resorts of which 40 are currently under development in 34 countries across five continents. Some of its well-known assets include, the Fairmont Banff Springs, Le Château Frontenac (Quebec), The Plaza Hotel (New York), The Savoy (London), Raffles Singapore and more.

“[The deal] offers us robust and global leadership in luxury hotels, a key segment in terms of geographic reach, growth potential and profitability, for long-term value creation,” said Sébastien Bazin, chairman and chief executive officer of AccorHotels. “In addition, the deal allows us to strengthen our human capital with FRHI’s widely respected and talented global workforce which has a proven track record in operating and marketing luxury hotels.”