AccorHotels has announced it is set to buy Mövenpick Hotels & Resorts for 560 million Swiss Francs (£412m).
The French hotel company has confirmed it has signed an agreement with Mövenpick Holding and Saudi conglomerate Kingdom Holding to buy the upscale Swiss-based hotel operating company. The deal is expected to complete in the second half of 2018.
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.
Sébastien Bazin, chairman and chief executive of AccorHotels, said: "With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific. The Mövenpick brand is the perfect combination of modernity and authenticity and ideally complements our portfolio.
"By joining the group, it will benefit from AccorHotels' power, particularly in terms of distribution, loyalty-building and development. This transaction illustrates the strategy we intend to pursue with the opening up of AccorInvest's capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth."
AccorHotels also recently bought a 50% stake in South Africa-based Mantis Group, which has 28 boutique hotels and game reserves, and signed an agreement to buy Australia-based hotel and resort marketer and operator Mantra Group.