Ac­cor eyes MEA and Asia growth with Möven­pick ac­qui­si­tion

Business Traveller (Middle East) - - Upfront -

ACCORHOTELS HAS SIGNED an agree­ment to buy Möven­pick Ho­tels & Re­sorts for a cash amount of CHF560 mil­lion (€482 mil­lion) and the trans­ac­tion aims to com­plete in the sec­ond half of 2018. It marks fur­ther con­sol­i­da­tion in the ho­tel in­dus­try and fur­ther strength­ens Ac­cor’s global dis­tri­bu­tion fol­low­ing its $2.7bn ac­qui­si­tion of FRHI two years ago. Sébastien Bazin, Chair­man and CEO of AccorHotels, said the deal will en­able it to ac­cel­er­ate growth in emerg­ing mar­kets, par­tic­u­larly the Mid­dle East, Africa and Asia-Pa­cific. Möven­pick op­er­ates 84 ho­tels in 27 coun­tries.

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