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AccorHotels has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels and Resorts, for 560 million swiss francs (£411m).
The hotel group will benefit from AccorHotels’ loyalty program, distribution channels and operating systems, which will help optimise its performance.
Founded in 1973 in Switzerland, Mövenpick Hotels and Resorts operates in 27 countries with 84 hotels and a particularly strong presence in Europe and the Middle East. The group also plans to open 42 additional hotels by 2021, representing around 11,000 rooms, with significant expansion planned in the Middle East, Africa and Asia-Pacific.
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, 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.”
