AccorHotels has signed an agreement to purchase Mövenpick Hotels and Resorts for 560 million Swiss francs (NZD 800 million).
The acquisition comes hot off the heels of AccorHotels buying table reservation system ResDiary. The purchase of Mövenpick shows AccorHotels have a significant interest in strengthening their portfolio of upmarket hotels.
Mövenpick Hotels & Resorts was founded in Switzerland in 1973 as an offshoot of the ice-cream and fine wine enterprise. It operates 84 hotels in 27 different countries and has a strong presence in Europe and the Middle East. Plans are in the pipeline for it to open an additional 42 hotels by 2021, creating a further 11,000 rooms.