Accorhotels announced this morning that it has signed an agreement to acquire Swiss group Movenpick Hotels and Resorts for around £425 million.
The group says Movenpick will join the Accorhotels loyalty programme and benefit from its distribution channels and operating systems.
Movenpick was founded in 1973 and currently operates in 27 countries with 84 properties. It has a particularly strong presence in Europe and the Middle East and has plans to open a further 42 hotels by 2021, with significant investment in the Middle East, Africa and Asia-Pacific.
The acquisition is subject to regulatory approvals. Accorhotels says the transaction should be completed during the second half of 2018.
Sebastien Bazin, chairman and CEO of Accorhotels, commented: “With the acquisition of Movenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific.
“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.”