AccorHotels will acquire Movenpick Hotels & Resorts from
Switzerland's Movenpick Holding and Saudi Arabia's Kingdom Holding for 482
million euros in cash. Movenpick's portfolio comprises 84 upscale hotels across
27 countries with strong presences in Europe and the Middle East. Movenpick
also has 42 hotels in its pipeline, which are expected to open by 2021 in
markets in the Middle East, Africa and Asia/Pacific. "With the acquisition of Movenpick, we are
consolidating our leadership in the European market and are further
accelerating our growth in emerging markets," said Accor chairman and CEO
Sebastien Bazin. The transaction is expected to close during the second
half of 2018, subject to regulatory approvals.
RELATED:
AccorHotels Promises Additional Acquisitions in 2018