AccorHotels is buying the owner of luxury hotels including London's Savoy and New York's Plaza, in a cash-and-share deal worth $2.9 billion that will also raise the U.S. profile of Europe's largest hotel group. The deal, AccorHotels' biggest, is the latest in a wave of acquisitions in a sector trying to fend off competition from online rivals such as Airbnb and will involve two major Gulf investors taking stakes in the French company. The Paris-based group said it would pay for FRHI Holdings Ltd, parent of the Fairmont, Raffles and Swissotel chains, with $840 million in cash and by issuing 46.7 million new shares. Get the full story at Reuters and Business Travel News