Accor completes Mövenpick acquisition
AccorHotels completed its acquisition of Mövenpick Hotels & Resorts yesterday.
The French hospitality group announced it had signed an agreement with Mövenpick Holding and Saudi conglomerate Kingdom Holding to buy the upscale Swiss-based hotel operating company for 560 million Swiss Francs (£412m) earlier this year.
At the time, chairman and chief executive of AccorHotels Sébastien Bazin described the move as "consolidating our leadership in the European market" and "further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific".
Mövenpick Hotels & Resorts operates 84 hotels in 27 countries, with a particularly strong presence in Europe and the Middle East. It plans to open 42 additional hotels by 2021.
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