High-speed rail services are leading to intensifying competition among Europe’s airports. This chapter discusses Fraport’s intermodal strategy, exemplified by its role in the “AIRail Partners” alliance with Lufthansa and Deutsche Bahn German Rail. Products and services developed since 1999 (operational start of Frankfurt Airport’s (FRA’s) long-distance railway station) and their major impact on the airport’s relevant market are described. Departing from the assumption that intermodality involving integration with high-speed rail links is economically viable only for hub airports, the opportunities and risks of future business strategies and means of overcoming currently discernible obstacles to extending Fraport’s portfolio are examined.