AccorHotels announced the signing of agreements with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts. The transaction value is €482 million (CHF 560 million).
Mövenpick Hotels & Resorts was founded in 1973 in Switzerland. The company's portfolio currently includes Mövenpick Hotels & Resorts operates 84 hotels in 27 countries with over 20,000 rooms. Most of the Swiss brand's hotels are located in Europe and the Middle East. By 2021, Mövenpick plans to open an additional 42 properties in the Middle East, Africa, and Asia-Pacific, with nearly 11,000 rooms. Mövenpick Hotels & Resorts is a premium international hotel management company with over 16,000 employees.
"With the acquisition of Mövenpick, we consolidate our leadership in the European market and strengthen our development in emerging markets, particularly the Middle East, Africa, and Asia-Pacific. The Mövenpick brand, which perfectly combines modernity and authenticity, will be a wonderful addition to our diversified portfolio.
The brand's European-Swiss heritage aligns with the AccorHotels spirit. By joining the Group, the company will benefit from AccorHotels' additional support and will be able to leverage its advantages for further development of its distribution system, loyalty program, and growth. This transaction exemplifies the strategy we intend to pursue with the launch of AccorInvest: to exploit tactical opportunities to strengthen our position and market leadership, and accelerate growth," says Sébastien Bazin, CEO and Chairman of the Board of Directors of AccorHotels.
Mövenpick Hotels & Resorts will have access to all distribution channels and operating systems of AccorHotels, and will also be able to join the Group's loyalty program.
The acquisition of Mövenpick Hotels & Resorts will further strengthen AccorHotels' operations in Europe and the Middle East and accelerate growth in key regions such as Africa and Asia.
Completion of the transaction is planned following regulatory approval in the second half of 2018.
Source: trn-news.ru