The owners of FRHI Hotels & Resorts are looking to sell the luxury hotel operator, according to the Wall Street Journal.
Undisclosed sources say FRHI and Kingdom Holding Co. have hired Deutsche Bank and Morgan Stanley to market the company. Another unnamed hotel executive estimated FRHI could fetch up to US$3 billion.
FRHI operates 116 hotels in 34 countries, including New York’s Plaza Hotel, the Peace Hotel in Shanghai and the Savoy in London.