PARIS (Reuters) - France’s AccorHotels (ACCP.PA) has agreed to buy Movenpick Hotels & Resorts for 560 million Swiss francs ($567 million) as CEO Sebastien Bazin pushes his expansion drive into emerging markets.
Previous acquisitions under Bazin, who took over in 2013, include Toronto-based Fairmont Raffles Hotels International, owner of London’s Savoy Hotel, The Plaza in New York and the Raffles Hotel in Singapore.
“With the acquisition of Movenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific,” Bazin said in a statement.
Movenpick was founded in 1973 in Switzerland and operates more than 80 hotels with a strong presence in Europe and the Middle East.
AccorHotels said the deal would add to group earnings from the first year and it expects it to close in the second half of 2018.
($1 = 0.9876 Swiss francs)
Reporting by Sudip Kar-Gupta; editing by Jason Neely