It’s another major hotel merger: AccorHotels reports it has acquired Mövenpick Hotels & Resorts. AccorHotels acquired the hotel brand through an agreement with Mövenpick Holding and Kingdom Holding for a cash amount of approximately $582 million.
In a written statement Sébastien Bazin, chairman and CEO of AccorHotels, said that the acquisition would strengthen the company’s position in Europe, as well as accelerate its growth in emerging markets such as the Middle East, Africa and Asia-Pacific.
The move comes three years after AccorHotels announced plans to acquire FRHI Holdings, which is the parent company of the Fairmont, Raffles and Swissôtel brands. That deal, which involved the payment of 46.7 million new Accor shares and $840 million in cash, closed in mid-2016 and brought approximately 155 hotels and resorts and more than 56,000 rooms to Accor’s portfolio.
Later in 2016, Marriott International acquired Starwood Hotels & Resorts, forming the largest hotel company in the world. At the time of the merger the newly combined Marriott represented 30 hotel brands and more than 5,700 properties worldwide.
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, AccorHotels said. Mövenpick Hotels & Resorts also plans to open 42 additional hotels by 2021, representing almost 11,000 rooms, with significant expansion in Middle East, Africa and Asia-Pacific.
Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty program, distribution channels and operating systems, Accor said, which will help optimize their performance.
The transaction is subject to regulatory approvals. It should be completed during the second half of 2018.