France’s AccorHotels recently signed an agreement to acquire Mövenpick Hotels & Resorts for €482 million.
Mövenpick, founded in 1973 in Switzerland, operates in 27 countries with 84 hotels and has one property in Kenya, namely Mövenpick Hotel & Residences Nairobi.
In addition, AccorHotels is also planning to open 42 additional hotels by 2021 with significant expansion set for the Middle East, Africa and Asia Pacific.
Chairman and Chief Executive of AccorHotels, Sebastien Bazin, says: “With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets.”
Bazin says by joining the group, Mövenpick 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.”
The transaction is subject to regulatory approvals and is expected to be complete during the second half of 2018.
