FRHI Hotels owners Kingdom Holding Company (KHC) - chaired by Saudi Prince Alwaleed bin Talal - and a Qatar government fund have announced plans to sell the luxury hotel chain, said a report.

The two firms have hired Deutsche Bank and Morgan Stanley to market the hotel operator, whose brands include Fairmont, Raffles and Swissôtel, a report in Wall Street Journal said.

Prince Alwaleed, through his Kingdom Hotel Investments firm, owns 17 operating properties across 12 countries including Four Seasons Hotel George V in Paris, France, and Raffles Hotel Le Royal in Cambodia.

Featuring historic properties like London’s Savoy and New York’s Plaza Hotel, FRHI operates 116 hotels with nearly 44,000 rooms in 34 countries.

The Toronto-based group is estimated to fetch up to $3 billion. A spokesman for FRHI declined to comment, the report said.