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AccorHotels has announced it has completed the acquisition of Mövenpick Hotels & Resorts in a deal worth £411m.
The French hospitality group signed an agreement with Mövenpick Holding and Saudi-based Kingdom Holding to buy the Swiss-based hotel operating company that was first announced in April this year.
Founded in 1973, 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.
The hotel group will benefit from AccorHotels’ loyalty program, distribution channels and operating systems, which will help optimise its performance.
Sébastien Bazin, chairman and CEO of AccorHotels, said at the time of the announcement: “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.
