ACCORHOTELS ACQUIRES MÖVENPICK HOTELS & RESORTS
Accorhotels Group has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts for a cash amount of USD 584.6 million. Mövenpick Hotels & Resorts will benefit from Accorhotels’ loyalty program, distribution channels and operating systems, which will help optimize their performance. This acquisition further consolidates its current footprint in Europe and in the Middle East and will accelerate growth, notably in key regions where the Group has been established for many years, such as Africa and Asia. The agreement should be completed during the second half of 2018.
In an exclusive comment to HN ME, Olivier Chavy, president & CEO of Mövenpick Hotels & Resorts said, “The integration of Mövenpick Hotels & Resorts into Accorhotels is an exciting development that will benefit the company going forward. With the support of Accorhotels, Mövenpick will continue its success story and accelerate expansion in key strategic markets in Africa, Asia, Europe and the Middle East, where the company currently operates 84 properties and has another 42 in the pipeline.” He continued: “Mövenpick Hotels & Resorts will also benefit from access to new sales channels and capitalize on the resulting corporate synergies to drive its overall growth and development. Our loyal guests, who value the company’s Swiss heritage and personalized approach to hospitality, will continue to enjoy the highest levels of service under the new arrangement. This is a landmark moment in the history of Mövenpick Hotels & Resorts, one that will usher in an exciting period of growth, backed by one of the industry’s largest and most respected operators.” sébastien Bazin, chairman and CEO of Accorhotels, said, “With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in the Middle East, Africa and Asia-pacific. By joining the Group, Mövenpick will benefit from Accorhotels’ power, particularly in terms of distribution, loyalty-building and development. This transaction illustrates the strategy we intend to pursue with the opening up of Accorinvest’s capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth.”