AccorHotels today acquired the Mövenpick Group

Europe’s leading hotel company AccorHotels today announced the acquisition of the Swiss hotel company Mövenpick Hotels and Resorts for €482 million (CHF560 million).

Founded in 1973, Mövenpick Hotels and Resorts has 84 hotels in 27 countries, particularly in Europe and the Middle East, and employs 16,000 people, the French group said in a statement.

The Swiss brand, part of the Mövenpick group, plans to open 42 additional hotels by 2021, or 11,000 rooms, « with strong growth in the Middle East, Africa and Asia-Pacific, » added AccorHotels.

It is positioned in the high-end segment for both leisure and business customers.

The transaction is expected to close in the second half of 2018 following regulatory approval.

In early April, the group announced its 50% stake in the South African conglomerate Mantis, which owns several luxury hotels on the African continent.

The hotel giant AccorHotels achieved revenue growth of 0.6% in the first quarter to 633 million euros, thanks to its performance in Europe, particularly in France.