Accor targets European growth with Mövenpick takeover
AccorHotels has acquired Mövenpick Hotels & Resorts in a bid to strengthen its footprint in the European market.
Accor believes that the €482 million cash deal, with Kingdom Holding and Mövenpick Holding, will also accelerate growth in key regions where the group has been established for many years, such as Africa and Asia.
Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels (more than 20,000 rooms) and a particularly strong presence in Europe and the Middle East.
“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 Middle East, Africa and Asia-Pacific,” Sébastien Bazin, chairman and chief executive of AccorHotels.
“The Mövenpick brand is the perfect combination of modernity and authenticity and ideally complements our portfolio. Its European-Swiss heritage is a perfect fit with AccorHotels.
“By joining the group, it 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.”
Mövenpick Hotels & Resorts plans to open 42 additional hotels by 2021, representing almost 11,000 rooms, with significant expansion in Middle East, Africa and Asia-Pacific.
The group, which has high-end expertise in the main hotel-related services, employs more than 16,000 people worldwide.
Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty programme, distribution channels and operating systems.