AccorHotels to Buy Mövenpick
French hotel group to acquire Swiss company for $583M later this year
AccorHotels has agreed to acquire Mövenpick Hotels & Resorts for $582.61 million. The Paris-based hotelier recently signed a deal with the brand’s owners, Mövenpick Holdings and Kingdom Holdings, for the transaction, which is expected to be completed during the second half of this year.
Founded in 1973 in Switzerland, Mövenpick currently operates in 27 countries with 84 hotels (more than 20,000 keys). The hotelier plans to open 42 additional properties by 2021, expanding to markets in the Middle East, Africa and Asia Pacific. The group employs more than 16,000 people worldwide.
“With the acquisition of Mövenpick, we’re consolidating our leadership in the European market and further accelerating our growth in emerging markets, in particular in the Middle East, Africa and Asia Pacific,” says Sébastien Bazin, chairman and ceo of AccorHotels. “The Mövenpick brand is the perfect combination of modernity and authenticity and ideally complements our portfolio. Its European-Swiss heritage is a perfect fit with AccorHotels. This transaction illustrates the strategy we intend to pursue with the opening up of AccorInvest’s capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth.”