According to Le Figaro, AccorHotels is in "very advanced negotiations" to take over the Swiss operator Mövenpick Hotels & Resorts. An agreement is likely to be signed in the "next few weeks." The information was not confirmed by either party.
Since the acquisition in 2016 of Fairmont, Raffles and Swissôtel chains (2.6 billion euros) of FRHI Holdings, AccorHotels – owner of Sofitel, Pullman and MGallery in the luxury and upscale segment – is in the process of adding another luxury brand to its portfolio.
Founded in 1973, Mövenpick Hotels & Resorts is one of the four entities of the Mövenpick Group, a conglomerate active in catering, food and wine distribution. In addition, Saudi prince Al-Waleed – owner of 5.7% of AccorHotels' capital – owns 33.3% of Mövenpick's hotel business. The businessman would probably have a key role in this case.
In 2017, Mövenpick Hotels & Resorts owned 84 hotels and 8 cruise ships in Egypt, for a total of 21,003 rooms. The operator, ranked 52nd in the world ranking on 1 January 2017, aims to open 125 hotels by 2020, including 11 this year, in order to strengthen its network in Africa, the Middle East and Asia.
Thanks to this takeover, AccorHotels would consolidate its breakthrough in the upscale hotel segment and its position in the areas affected by this acquisition, while expanding its brand portfolio. In addition, this acquisition would highlight its new positioning as an upscale tour operator, following the announcement of a plan to acquire 50% of the capital of the South African company Mantis. Since 2016, the French group has completed its hotel portfolio by forging alliances with Singaporean operators Banyan Tree and Turkish Rixos.
The information has not been confirmed by AccorHotels. However, Sébastien Bazin, CEO of AccorHotels, indicated at the Annual General Meeting on April 20, 2018 that the hotel group would continue its acquisition policy with the funds obtained from the sale of AccorInvest.
Already signed up? Already signed up? Already signed up? Already registered? Login here!