The board of Canadian hotel group Fairmont, is supporting an offer of $3.3 billion US in cash, about $3.8 billion Cdn, from Kingdom Hotels International and Colony Capital.Kingdom Hotels is owned Saudi Prince Alwaleed bin Talal bin Abdulaziz Alsaud, said to be the world's fifth richest person. Colony Capital, is operated by top real estate investor Tom Barrack.
According to CP, Fairmont will be combined with the Asian Raffles chain owned Colony to create a "luxury global hotel leader" with 120 properties in 24 countries. Fairmont and Raffles are to remain separate brands.
