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AccorHotels acquires Mövenpick in £411m cash deal

Swiss hotel group currently operates in 27 countries
30/04/2018

Pictured: Sébastien Bazin, chairman and CEO of AccorHotels

AccorHotels has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts for a cash amount of CHF560 million swiss francs (£411m).


Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels (more than 20,000 rooms) and a particularly strong presence in Europe and the Middle East.


Mövenpick Hotels & Resorts also plans to open 42 additional hotels by 2021, representing almost 11,000 rooms, with significant expansion in Middle East, Africa and Asia-Pacific.


The group, which has high-end expertise in the main hotel-related services, employs more than 16,000 people worldwide.


Sébastien Bazin, chairman and CEO 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. 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 acquisition further consolidates AccorHotels’ 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.


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