AccorHotels has completed its $559 million acquisition of Movenpick Hotels & Resorts.
In a short statement posted on its website, AccorHotels said the deal was finalised on September 3.
The transaction encompassed 100 per cent of Movenpick company’s share capital, as well as ownership of the Movenpick brand for all activities related to the hospitality business, according to Hospitality.net
The acquisition brings Movenpick’s 84 operating hotels totalling 20,000 rooms into Accor’s portfolio of more than 4,500 properties.
Movenpick also has about 42 signed properties in its development pipeline, which are slated to open before December 2021.