Article from BTNews 7 MAY 2018
Accor-Mövenpick takeover
In a further step in its acquisition programme, Accorhotels is taking over the Swiss Mövenpick Hotels and Resorts group.
The price is reported to be around £425m, with Mövenpick joining the Accorhotels loyalty programme and adding its distribution channels and operating systems.
Mövenpick, founded in 1973 and currently operating 84 properties in 27 countries, has a strong presence in Europe and the Middle East and has plans to open another 42 hotels by 2021.
Accorhotels chairman and CEO Sebastien Bazin said the deal, which should be complete by year-end, would enable the company to consolidate its leadership in Europe and further accelerate growth in emerging markets like the Middle East, Africa and Asia-Pacific.
He added: “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.”
This is the latest in a series of purchases made by Accorhotels, with the group having acquired Mantra Group, a stake in Mantis Group (BTN 9 April) and restaurant reservation platform ResDiary.
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