AccorHotels today confirmed that the company has officially acquired Mövenpick Hotels & Resorts for €482 million.
The deal was subject to regulatory approvals.
The transaction involves purchase of 100% share capital of Mövenpick, ownership of the brand and activities related to the hospitality business.
The acquisition will see Mövenpick’s 84 operating hotels added to Accor’s existing global portfolio of more than 4,500 properties.
Movenpick has 42 additional hotels under development and due to open by 2021.
The company employs 16,000 staff hospitality.
The deal is the latest struck by French group AccorHotels, including the takeover of luxury brands Fairmont, Raffles and Swissotel, Australian group Mantra Group.
AccorHotels CEO Sebastien Bazin said: “With a footprint in more than 20 countries, we strongly believe Movenpick represents a strategic opportunity to bring synergies and new developments in key areas.
“Movenpick’s European-Swiss heritage and its combination of modernity and authenticity embodied by committed and talented teams fit perfectly with AccorHotels’ core value.
“Along with our new partners and thanks to our strengthened brand offering further enhancing the variety of experiences available to our clients, we look forward to a rewarding future together.”
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