AccorHotels buys Mövenpick

ACCORHOTELS TOUR IN ISSY LES MOULINEAUX

AccorHotels announced Monday the acquisition of the hotel group Mövenpick Hotels & Resorts for 560 million Swiss francs (482 million euros) in cash, accelerating its development in the high-end segment in Europe, the Middle East and Africa.

The transaction, which involves 100% of the capital, will be Mövenpick Holding, which owns 66.7% and belongs to the German billionaire August von Finck. The remaining 33.3% will be acquired from Kingdom Holding, owned by Saudi Prince Al-Walid Ben Talal, a 5.7% shareholder in AccorHotels and owner of the Georges V hotel in Paris.

In February, AccorHotels announced the sale of a majority stake in its real estate subsidiary AccorInvest, a milestone in its transformation plan, approaching the asset-lending models of InterContinental or Marriott.

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