ACCOR ACQUIRES MÖVENPICK
$575 million is the final price tag of the deal
AccorHotels has officially completed its acquisition of Mövenpick Hotels & Resorts, which wasthis spring.
The Paris-based hotelier purchased the Swiss hotel group for about $575 million. Previous owners of the brand were Mövenpick Holding (66.6%) and Saudi Arabia’s Kingdom Holdings (33.3%). Mövenpick operates in 27 countries and has 84 hotels comprising over 20,000 rooms. An additional 42 hotels are expected to open by 2021.
The deal is just one more notch on the acquisition belt for AccorHotels. Most recently, the hotelier announced plans toin Louisville, Kentucky-based 21c Museum Hotels. In May, the company inked a deal to acquire Atton Hoteles, which operates 11 properties across Chile, Peru, Colombia and Florida, and in April, the hotelier signed a strategic agreement to acquire a 50% stake in South Africa-based Mantis Group. Additionally, the company’s $1.2 billion buy of Melbourne-based Mantra Group was finalized in May.
Photo of the Mövenpick Asara Resort & Spa Hua Hin: Courtesy of Mövenpick