AccorHotels has completed its acquisition of Movenpick Hotels & Resorts
AccorHotels has completed its acquisition of Movenpick Hotels & Resorts.
The French hospitality firm purchased Movenpick for EU€482mn (US$560.3mn) earlier this year.
Under the agreement, Movenpick’s portfolio of 84 hotels will join AccorHotels’ existing portfolio of more than 4,5000 hotels, resorts and residences.
The Swiss firm also has an additional 42 hotels in the pipeline which are slated to open before December 2021.
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Through the purchase, AccorHotels said it plans to reinforce its current footprint in Europe, whilst also accelerating growth in key markets such as the Middle East, Africa, and the Asia-Pacific.
“With a footprint in more than 20 countries, we strongly believe Mövenpick represents a strategic opportunity to bring synergies and new developments in key areas,” said Sebastien Bazin, CEO of AccorHotels.
“Mövenpick’s European-Swiss heritage and its combination of modernity and authenticity embodied by committed and talented teams fit perfectly with AccorHotels’ core value.
"Along with our new partners and thanks to our strengthened brand offering further enhancing the variety of experiences available to our clients, we look forward to a rewarding future together," he added.