AccorHotels recently announced that it has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for a cash amount of CHF560 million (USD562 million).
Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels (more than 20,000 rooms) and a particularly strong presence in Europe and the Middle East. The group also plans to open 42 additional hotels by 2021, with significant expansion in Middle East, Africa and Asia-Pacific.
Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty programme, distribution channels and operating systems, which will help optimize their performance.
AccorHotels chairman and CEO, Sébastien Bazin, said: “With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific.”
The transaction is subject to regulatory approvals. It should be completed during the second half of 2018.