AccorHotels acquires Mövenpick Hotels & Resorts

AccorHotels announced on Monday that it has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for a cash amount of €482 million.

Accor said the transaction will have an accretive impact on group earnings from the first year. ET had reported previously that Mövenpick was exiting its sole five star property in the country, the Mövenpick Hotel and Spa Bengaluru following differences with the asset’s owner MSR Hotel.

Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels (more than 20,000 rooms) and a particularly strong presence in Europe and the Middle East. Mövenpick Hotels & Resorts also plans to open 42 additional hotels by 2021 with plans of expanding to the Middle East, Africa and Asia-Pacific. The group employs more than 16,000 people worldwide.

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 the 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.”

Accor said Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty programme, distribution channels and operating systems, which will help optimise their performance.

It stated that the acquisition consolidates the current footprint and will accelerate growth in regions like Africa and Asia where the group has been established for many years.

The transaction is subject to regulatory approvals. Accor expects it to be completed during the second half of 2018.

Source:-https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/accorhotels-acquires-mvenpick-hotels-resorts/articleshow/63973273.cms

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