AccorHotels’ rapid expansion continued today with a deal to take over the Swiss-based Mövenpick Hotels & Resorts for €482 million.
Mövenpick operates in 27 countries with 84 hotels representing more than 20,000 rooms, including a strong presence in Europe and the Middle East.
The company plans to open 42 additional hotels by 2021, representing almost 11,000 rooms, with expansion in Middle East, Africa and Asia-Pacific.
The group employs more than 16,000 staff worldwide. The acquisition further consolidates AccorHotels’ footprint in Europe and in the Middle East.
It enables the French hospitality giant to accelerate growth in key regions such as Africa and Asia.
Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty scheme, distribution channels and operating systems, which will help optimise its performance.
The transaction is expected to be completed during the second half of 2018.
AccorHotels’ chairman and chief executive Sébastien Bazin 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.”