AccorHotels acquires Mövenpick Hotels & Resorts

AccorHotels has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for an amount of CHF560 million (€482 million). Sebastien Bazin, Chairman and CEO, 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 Middle East, Africa and Asia-Pacific. 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. By joining the Group, it will benefit from AccorHotels’ power, particularly in terms of distribution, loyalty-building and development. 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,”Bazin added.
Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty programme, distribution channels and operating systems, which will help optimise their performance. This acquisition further consolidates the current footprint in Europe and in the Middle East and accelerates growth notably in key regions where the Group has been established for many years, such as Africa and Asia. The transaction is subject to regulatory approvals. It should be completed during the second half of 2018.