AccorHotels buying Movenpick

AccorHotels buying Movenpick
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AccorHotels has agreed to acquire upscale chain Movenpick Hotels & Resorts for 482 million euros (about $582 million).

AccorHotels said Monday that it was acquiring the 45-year-old hotel company to expand its European hotel base and widen its presence in the the Middle East, Africa and Asia Pacific. Movenpick has 84 hotels totaling more than 20,000 rooms, with plans to open 42 hotels with almost 11,000 rooms within the next three years.

The buyout is slated to be completed by the end of the year.

Switzerland-based Movenpick is owned by Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding, which has a 5.7% stake in AccorHotels, according to Reuters.


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