The Mövenpick Resort Bangtao Beach Phuket
AccorHotels has added yet another brand to its growing portfolio with the acquisition of Switzerland-based Mövenpick Hotels & Resorts for 482 million euros (US$582 million) in cash.
Mövenpick, which was founded in 1973, has 84 hotels - with more than 20,000 rooms - in 27 countries, with most of those properties in Europe and the Middle East. The company's pipeline currently consists of 42 hotels, or more than 11,000 rooms, all opening by 2021. Much of the expansion is focused in the Middle East, Africa and the Asia-Pacific regions - a point that made the chain particularly appealing for AccorHotels chairman and CEO Sébastien Bazin.
"With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets," noted Bazin. "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."
The acquisition is the latest in a recent buying spree by AccorHotels, which includes Fairmont Raffles and the alternative-accommodations platform Onefinestay, among a variety of others. "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," Bazin added.
AccorHotels expects the deal to close during the second half of 2018.