May 17, 2020

AccorHotels to snap up Mövenpick Hotels in $567mn deal

AccorHotels
Mövenpick Hotels and Resorts
Sébastien Bazin
Acquisition
Laura Mullan
2 min
Credit: AccorHotels
French hotel giant AccorHotels has agreed to buy Mövenpick Hotels and Resorts for CHF560mn (US$567 million).CEO Sébastien Bazin said that the move a...

French hotel giant AccorHotels has agreed to buy Mövenpick Hotels and Resorts for CHF560mn (US$567 million).

CEO Sébastien Bazin said that the move allows AccorHotels to consolidate its current footprint in Europe and accelerate its growth in emerging markets such as Africa and Asia.

Mövenpick Hotels & Resorts was founded in 1973 in Switzerland and today it operates over 80 hotels with a strong presence in Europe the Middle East.

The acquisition is just one of many under Bazin’s leadership, with the French group recently acquiring Toronto-based Fairmont Raffles Hotels International, owner of hotels including London’s Savoy Hotel, The Plaza in New York and the Raffles Hotel in Singapore.

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This month, the firm also revealed that it had acquired a 50% stake in South African hotel firm Mantis Group in a bid to expand its footprint in Africa and the luxury travel market.

It also acquired a series of digital tools including an online booking tool called ResDiary and a business travel hotel reservation platform called Gekko.

The French hotelier's acquisition's have been paying off. Earlier this month, AccorHotels reported a 9.5% rise in first-quarter revenue, driven by its strategic acquisitions and a strong performance in Europe and Asia-Pacific. 

“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 in the Middle East, Africa and Asia-Pacific,” said Sébastien Bazin, Chairman and CEO of AccorHotels.

“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,” he continued.

“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 leadership, as well as leverage our growth.”   

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May 17, 2020

Minor International edges closer to NH Hotel Group takeover with €619mn deal for HNA Group stake

NH Hotel Group
Mergers and acquisitions
Hotels
Ben Mouncer
2 min
Hotel frontage
Minor International in lining up the full acquisition of NH Hotel Group after purchasing an additional 25.2% stake in the Spanish company for €619mn...

Minor International in lining up the full acquisition of NH Hotel Group after purchasing an additional 25.2% stake in the Spanish company for €619mn.

Thailand-based Minor revealed its plans on Wednesday having completed a deal for the extra shareholding previously held by Chinese conglomerate HNA Group, taking its current total stake in NH Hotel Group to approximately 38%.

By moving beyond a 30% stake in the company, Minor is now eligible under Spanish law to launch a takeover bid – something it plans to do within the next few months.

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NH rejected a similar approach from rival Grupo Barcelo earlier this year however and any completion is subject to the approvals of Minor’s shareholders, the National Securities Market Commission of Spain (CNMV) and clearance by relevant anti-trust authorities.

The share purchase from HNA Group will be in two tranches of 65.85mn shares to be completed on or around 15 June and 32.94mn shares, expected to be completed in September. HNA is selling as part of a wider divestment of assets through which it hopes to complete debt repayments.

“Today we are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry,” said Dillip Rajakarier, CEO Minor Hotels.

“We will be able to create a network of over 540 hotels with a reach across Asia, Oceania, the Middle East, Africa and Europe, all of which are important hospitality regions around the world. The business network will allow the two companies to capitalise on our leadership positions in key growth areas, highly complementary asset and brand portfolio, technology platform and talented employees.”

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