AccorHotels has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for a cash amount of CHF560 million (€482 million).

Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels and a particularly strong presence in Europe and the Middle East.

Mövenpick Hotels & Resorts also plans to open 42 additional hotels by 2021, representing almost 11,000 rooms, with significant expansion in Middle East, Africa and Asia-Pacific.

The Group, which has high-end expertise in the main hotel-related services, employs more than 16,000 people worldwide.

Mövenpick Hotels & Resorts will benefit from AccorHotels’ loyalty program, distribution channels and operating systems, which will help optimize their performance.

This acquisition consolidates the footprint in Europe and the Middle East and accelerates growth in regions where it has been established for many years, such as Africa and Asia.

The transaction is subject to regulatory approvals and should be completed during the second half of 2018.

AccorHotels is a leading travel & lifestyle group offering unique experiences in more than 4,300 hotels, resorts and residences, as well as in over 10,000 of private homes around the globe.