Accor finalises purchase of Movenpick

France’s AccorHotels has completed its takeover of Movenpick Hotels & Resorts for €480 million. It has bought 100% of Movenpick’s shares, its brand and activities relating to the hospitality business.

As a result, 84 hotels operated by Movenpick will be integrated into Accor’s global portfolio of more than 4,500 hotels.

Speaking at a press conference in Dubai, AccorHotels Luxury Brands CEO Chris Cahill said the Movenpick family brand fitted well into Accor’s existing portfolio. Also, its strong existing MEA portfolio was a key attraction for Accor.

Currently, the hotel company has 42 additional hotels under development, which are due to open by 2021.

source: Travel Mole