It was announced on 25 April, when Le Figaro revealed its intention to acquire Mövenpick Hotels & Resorts. It's now official: AccorHotels is to buy the Swiss hotel operator. The French group has reached agreement with its owner, Saudi investor Kingdom Holding, on a price of 560 million Swiss francs, or 482 million euros. The takeover is expected to be finalised in the second half of 2018.
With the sale of a majority stake in its property subsidiary AccorInvest, the French group has the means to realise its ambitions. "This transaction illustrates the strategy we intend to pursue by opening up AccorInvest's capital: seizing tactical opportunities to strengthen our positions, consolidate our leadership and leverage our growth."said Sébastien Bazin, Chairman and CEO of AccorHotels. AccorHotels continues its offensive strategy which saw it acquire Fairmont Raffles in 2016, in addition to partnerships and stakes in Mama Shelter, 25Hours, Banyan Tree, Rixos and recently the South African group Mantis.
With Moevenpick Hotels, AccorHotels has added a new top-of-the-range brand to its portfolio, renowned for its Swiss quality. Above all, as well as adding to its range of 84 hotels and over 20,000 rooms, the French group will be strengthening its position in several markets, starting with Switzerland, of course, and Germany in Europe. The Swiss brand is also very well represented in the Middle EastMövenpick Hotels has a strong presence in many countries, including Egypt, the Emirates, Saudi Arabia, Jordan and Lebanon. Another strong point of Mövenpick Hotels is its development in South-East AsiaWhether in Thailand, the Philippines or Vietnam.
Because it's a very dynamic group which AccorHotels is about to acquire. Before its takeover, the group had 42 opening projects by 2021, with around ten planned for this year, notably in Tunis, the country's third, and the seventh and eighth establishments in Thailand, in Hua Hin and Khao Yai. The group also plans to make its debut in several markets: Malaysia in Kuala Lumpur, Iraq in Basra, Bangladesh in Sylhet, the Maldives and Kenya in Nairobi. A hotel that will mark Mövenpick's expansion in sub-Saharan Africa, with other hotels to come in Abidjan, Addis Ababa and Abuja.
