April 30, 2018 / 5:17 AM / a year ago

AccorHotels agrees to buy Movenpick Hotels for $567 mln

PARIS, April 30 (Reuters) - AccorHotels has agreed to buy rival Movenpick Hotels & Resorts for 560 million Swiss francs ($567 million), in a deal which Accor said would boost its earnings and marks the latest example of the French group’s ambitious takeover strategy.

Founded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries with 84 hotels, and has a strong presence in Europe and the Middle East. AccorHotels said the deal would add to group earnings from the first year onwards of the acquisition being finalised.

The takeover of Movenpick Hotels follows other deals in previous years which have seen AccorHotels buying Mantra Group and FRHI, the owner of London’s Savoy and New York’s Plaza Hotels. ($1 = 0.9876 Swiss francs) (Reporting by Sudip Kar-Gupta; Editing by Gopakumar Warrier)

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