French hospitality group AccorHotels has reached an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, in a cash transaction valued at €482m.
Mövenpick Hotels & Resorts was established in 1973 in Switzerland and operates in 27 countries with 84 hotels offering more than 20,000 rooms.
It has presence in Europe and the Middle East, and also plans to open 42 additional hotels mostly in Middle East, Africa and Asia-Pacific by 2021.
AccorHotels chairman and CEO 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.
“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.”
Upon completion of the transaction, Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty programme, distribution channels and operating systems.
The acquisition is set to further consolidate AccorHotels’ existing footprint in Europe and in the Middle East and accelerates growth in specific important regions such as Africa and Asia.
Subject to regulatory approvals, the transaction is scheduled to be completed during the second half of this year.