Paris-based hospitality giant AccorHotels has completed its acquisition of Mövenpick Hotels & Resorts. The enterprise value represents €482 million and encompasses 100 percent of Mövenpick’s share capital, as well as ownership of the Mövenpick brand for all activities related to the hospitality business.
Mövenpick’s portfolio includes 84 properties with more than 20,000 rooms and a pipeline of 42 hotels slated to open before December 2021. The Mövenpick network consolidates AccorHotels’ footprint in Europe and Asia while accelerating growth in Africa and the Middle East, where Mövenpick has significant brand awareness. AccorHotels, meanwhile, has a portfolio of more than 4,500 hotels, resorts and residences and 10,000 private homes.
“With a footprint in more than 20 countries, we strongly believe Mövenpick represents a strategic opportunity to bring synergies and new developments in key areas,” said Sebastien Bazin, CEO of AccorHotels, in a statement. “Mövenpick’s European-Swiss heritage and its combination of modernity and authenticity embodied by committed and talented teams fit perfectly with AccorHotels’ core value. Along with our new partners and thanks to our strengthened brand offering further enhancing the variety of experiences available to our clients, we look forward to a rewarding future together.”
With the close of this acquisition, AccorHotels has become the largest operator by room number in the Middle East and Africa with a committed network (operational and pipeline) of over 400 hotels representing almost 100,000 rooms across the region.
It's been a busy summer for AccorHotels, which announced plans to take a 50-percent stake in Sam Nazarian's SBE Entertainment Group (owner of the Morgans Hotel Group) in June, and signed an agreement to acquire 85 percent of 21c Museum Hotels, the Louisville, Ky.-based hospitality management company that combines museums and hotels into a unified concept. Earlier this year, the company announced plans to acquire Atton hotels across Chile, Peru, Colombia and Florida as well as a 50-percent stake in South Africa’s Mantis Hotels; and completed its integration of Australia’s Mantra Hotels.