FRENCH hotelier AccorHotels has continued its recent global buying spree, announcing it has inked an agreement to acquire Switzerland’s Movenpick Hotels & Resorts for 482 million.
Movenpick was founded in 1973 and has grown to a portfolio of 84 properties (accounting for some 20,000 rooms) in 27 countries, most of which are located in Europe and the Middle East.
A further 42 Movenpick hotels are currently in the pipeline, set to open over the next three years and increase stock by almost 11,000 rooms, significantly in the Middle East, Africa and Asia-Pacific regions.
“With the acquisition of Movenpick, we are consolidating our leadership in the European market & are further accelerating our growth in emerging markets,” AccorHotels president and ceo Sebastien Bazin said.
Bazin said Movenpick’s brand was the “perfect combination of modernity and authenticity and ideally complements our portfolio, adding that it will “benefit from AccorHotels’ power, particularly in terms of distribution, loyalty-building and development”.
The transaction is subject to regulatory approvals but is expected to be completed during the second half of 2018.
Closer to home, AccorHotels is in the process of finalising the purchase of the Mantra Group.