AccorHotels has acquired Mövenpick Hotels & Resorts for CHF560m (£412m).
The acquisition follows hot on the heels of AccorHotels’ sale of 55% of its AccorInvest real estate business to Public Investment Fund and GIC, Credit Agricole Assurances, Colony NorthStar and Amundi, for €4.4bn (£3.8bn).
Earlier this month Accor said the proceeds of the sale would be used to fuel the company’s expansion.
The acquisition of Mövenpick Hotels & Resorts consolidates Accor’s footprint in Europe and the Middle East, where it has a strong presence, and accelerates its growth in regions such as Africa and Asia.
The deal is expected to complete during the second half of 2018.
Sébastien Bazin, chairman and chief executive of AccorHotels, 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 the Middle East, Africa and Asia-Pacific.”
Mövenpick Hotels & Resorts was founded in 1973 in Switzerland. It operates in 27 countries with 84 hotels and has plans in place to open a further 42 properties by 2021. Mövenpick Hotels & Resorts is owned by Mövenpick Holding, which has a 66.7% holding, and Prince Al-Waleed bin Talal’s Kingdom Group, with 33.3%.
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