Mubasher: AccorHotels has announced the acquisition of Mövenpick Hotels and Resorts in consideration of EUR 482 million ($558.06 million).
Following the closure of the deal, the French hospitality company will own Mövenpick’s brand for all activities pertaining to the hospitality business, according to a company statement.
“The addition of Mövenpick’s existing network and signed pipeline reinforces AccorHotels’ current footprint in Europe and Asia and accelerates growth in key regions such as Africa and the Middle East where Mövenpick enjoys significant brand awareness through 69 operational and pipeline hotels,” the Paris-based company said.
The deal positions AccorHotels as the largest hotel operator in the Middle East and Africa on the basis of the number of rooms, with 100,000 keys, operational and in the pipeline.
“Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty program, distribution channels, and operating systems that will ultimately serve to improve top-line performance across the network.”