AccorHotels has agreed to acquire its rival Movenpick Hotels & Resorts for 560 million Swiss francs (467 million euros) in a transaction that will allow Accor hotel chain operator to increase its earnings, Agerpres reports.Established in 1973 in Switzerland, Mövenpick Hotels & Resorts operates 84 hotels in 27 countries, with an important presence in Europe and the Middle East.
The transaction would be completed in the second half of 2018 and will increase earnings as early as 2019, AccorHotels announced on Monday. Among the Accor brands are Pullman, Raffles, Novotel and Mercure.
“The acquisition of Mövenpick will help us strengthen our presence on the European market and accelerate our expansion into emerging markets, especially in the Middle East, Africa and Asia Pacific , ” said Accor chief Sebastien Bazin.
In recent years, AccorHotels has made a number of important acquisitions, including Mantra Group and FRHI, owner of the Savoy and Plaza hotels in London and New York.