The story
Raffles Hotels & Resorts was formed in 1989 to restore, redevelop and manage the historic Raffles Hotel in Singapore. The corporation also undertook the restructuring and management of the Raffles City development, thus laying the foundation for Raffles Hotels & Resorts to become a hotel management company. After a complete restoration, the Raffles Hotel reopened on 16 September 1991.
In April 2001, Raffles Holdings acquired Swissôtel from SAirGroup for 268 million euros, thus increasing its room capacity by 139% to 13,500 units in 17 countries.
In 2005, Colony Capital bought Raffles Holdings for $1 billion from the Singapore government. Raffles and Swissôtel joined Fairmont Hotels in the newly formed holding, FRHI Hotels & Resorts, in 2006.
In December 2015, Accor announced the acquisition of FRHI Hotels & Resorts, taking over the Fairmont, Raffles, and Swissotel hotel chains. The $2.7 billion deal was finalized in July 2016.
In December 2020, Accor announced that it would be opening a new hotel in Moscow, next to the Kremlin, in the second half of 2022. However, in March 2023, it was confirmed that the new hotel was cancelled due to the Russian invasion of Ukraine.
From Wikipedia’s article on Raffles Hotels & Resorts, shared under CC BY-SA 4.0.4