France’s AccorHotels has completed its $559 million acquisition of Movenpick Hotels & Resorts.
In a statement posted on its website, AccorHotels said the deal was finalized on September 3. The hotel company also held a press conference at Dubai’s Fairmont The Palm Hotel to announce the news.
MORE Hotel & Resort
The transaction encompassed 100 percent of Movenpick company’s share capital, as well as ownership of the Movenpick brand for all activities related to the hospitality business, according to Hospitality.net
The acquisition brings Movenpick’s 84 operating hotels totaling 20,000 rooms into Accor’s portfolio of more than 4,500 properties.
Movenpick also has about 42 signed properties in its development pipeline, which are slated to open before December 2021.
Hospitality industry watchers say the transaction is an example of AccorHotels’ focus on seizing tactical opportunities to strengthen its position in the market and leverage growth. The Movenpick network consolidates AccorHotels’ footprint in Europe and Asia, and also accelerates its growth in Africa and the Middle East, according to Hospitality.net.
Chris Cahill, the CEO of AccorHotels Luxury Brands, confirmed much of this during the press conference, revealing that the three reasons for the acquisition were that Movenpick is an asset-light business and that it fits in well with Accor’s current existing portfolio. He also said the Movenpick brand also has strong existing Middle East recognition.
Movenpick Hotels & Resorts was established in 1973 as an extension of Movenpick Restaurant Business.
JetBlue announced Thursday that bookings are open for its new domestic first-class service. BlueFirst is…
Actress Selma Blair was arrested on Sunday after a violent incident aboard a Delta Air…
What is it really like to cruise to the Arctic? Join travel expert and…
**Are some of the world's most popular travel destinations actually overrated?** Before you book your…
**Do you really need travel insurance? What does it actually cover?** We're opening The Jet…
**You've got travel questions, and we've got answers!** It's time to open The Jet Set…