AccorHotels takes over Mövenpick for $565.2 million
Last month, Mövenpick Holding announced that it has agreed, together with its partner Kingdom Holding, to sell Mövenpick Hotels & Resorts to AccorHotels.
Mövenpick Hotels & Resorts, one of the world’s most reputable upscale hotel management companies, was established in 1973 as an extension of the successful Mövenpick Restaurant Business. Since then, Mövenpick Hotels & Resorts has expanded its international presence and today manages more than 20,000 rooms in 84 hotels across Europe, the Middle East, Africa and Asia. With 42 additional hotels under development and to open by 2021, the group will further expand its footprint across these continents.
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. 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.”
With the integration into AccorHotels, Mövenpick Hotels & Resorts will continue its long history of success and accelerate its further growth.
AccorHotels is to pay CHF560 million ($565.2 million) for Mövenpick Hotels & Resorts. The transaction is subject to regulatory approvals. It should be completed in the second half of 2018.
Olivier Chavy, president & CEO, Mövenpick Hotels & Resorts, said, “The integration of Mövenpick Hotels & Resorts into AccorHotels is an exciting development that will benefit the company going forward. With the support of AccorHotels, Mövenpick will continue its success story and accelerate expansion in key strategic markets in Africa, Asia, Europe and the Middle East where the company currently operates 84 properties and has another 42 in the pipeline.Mövenpick Hotels & Resorts will also benefit from access to new sales channels and capitalise on the resulting corporate synergies to drive its overall growth and development.