Accor reportedly in 'advanced' talks to buy Movenpick Hotels

Accor reportedly in 'advanced' talks to buy Movenpick Hotels
Published: 29 April 2018 - 2:15 a.m.
By: Sarakshi Rai

AccorHotels is reportedly in 'advanced' talks to buy Swiss hotel chain Mövenpick Hotels, according to France's Le Figaro and Les Echo newspapers. 

Reportedly, a major player in the deal is Kingdom Holding, Saudi billionaire Prince Alwaleed bin Talal’s investment company, which has a 5.71% stake in AccorHotels. The company also owns 33.3% of Mövenpick's hotel business. 

Mövenpick currently manages 20,000-plus rooms in more than 83 hotels across Africa, Asia, Europe and the Middle East.

In 2016, AccorHotels announced its US $3.2 billion deal with FRHI to buy three luxury hotel brands, Fairmont, Raffles and Swissôtel. In December 2016, Banyan Tree Holdings and AccorHotels entered into a long term partnership to develop and manage Banyan Tree-branded hotels around the world.

Most recently, Accor purchased table reservation system ResDiary, Australia's Mantra Group and announced a stake in Mantis Group, a small luxury boutique hotel chain based in South Africa. 

A spokesperson for Accor declined to comment.

HotelierMiddleEast.com has reached out to Mövenpick for a comment. 

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