Paris-based hotel operator AccorHotels has completed its acquisition of Swiss peer Mövenpick Hotels & Resorts.
The enterprise value represents 482 million euros ($559.8 million) and encompasses 100 percent of Mövenpick’s share capital, as well as ownership of the Mövenpick brand for all activities related to the business.
The Mövenpick network consolidates AccorHotels’ footprint in Europe and Asia while accelerating growth in Africa and the Middle East, where Mövenpick has significant brand awareness.
The acquisition of Mövenpick represents a strategic opportunity and brings synergies and new developments in key areas in AccorHotels.