Accor eyes MEA and Asia growth with Mövenpick acquisition
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.