AccorHotels to buy Movenpick Hotels & Resorts for US $566m

AccorHotels to buy Movenpick Hotels & Resorts for US $566m
Movenpick Resort Lang Co, Vietnam.
Published: 30 April 2018 - 1:11 a.m.
By: Shishira Sreenivas

Mövenpick Holding revealed today that it has agreed, together with its partner Kingdom Holding, to sell Mövenpick Hotels & Resorts to AccorHotels.  

AccorHotels is set to pay CHF 560 million (US $566m) to buy Mövenpick and the transaction is set to be completed by second half of 2018, according to a statement by Mövenpick. Through the integration, the company will have access to Accor’s customer loyalty program, benefits from new sales channels and will be able to increase the operational performance of its managed properties, the statement added.

Mövenpick Hotels & Resorts which was established in 1973 as an extension of Mövenpick Restaurant Business has since expanded its international presence and today operates more than 20,000 rooms in 84 hotels across Europe, the Middle East, Africa and Asia.

Currently, the hotel company has 42 additional hotels under development and those are set to open by 2021. At present, the hotel company employs 16,000 hospitality professionals.

Mövenpick Holding will continue on its F&B sector growth path with Mövenpick Fine Foods, Mövenpick Wein and Marché International.

 


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