Movenpick Hotels & Resorts has released a statement confirming it is being bought out by AccorHotels. Accor is paying CHF560 million (£410 million) for its Switzerland based rival's global portfolio of 80 plus hotels.
Although sales terms have been agreed by AccorHotels, Movenpick and the latter's Saudi Arabian partner Kingdom Group, the deal is subject to approval by regulative authorities. Assuming the green light is forthcoming, the actual sale is expected to take place later in 2018.
Laura Perez Diaz is Movenpick's Dubai based vice-president of corporate communications. Confirming the takeover by Accor, she stated it would enable the Movenpick brand to expand and customers would benefit from access to the loyalty programmes and additional sales channels of the group's new partner.
Despite the fact Movenpick is being bought out by a larger entity, both parties say the emphasis will be on conserving Movenpick's time-honoured Swiss values and hospitality. The statement noted the group's Marché International, Movenpick Fine Foods and Movenpick Wein affiliates will be kept alive.
Movenpick Hotels & Resorts was founded in the early 1970s and was a subsidiary of the prosperous Movenpick Restaurants Group. The brand is synonymous with luxury hotels. Across its 80 hotels, the group manages over 20,000 rooms in key locations in Asia, the Middle East and Africa plus Europe.
In comparison, new partner AccorHotels' property portfolio dwarfs this. AccorHotels has a presence in 100 countries and manages well in excess of 4,000 hotels, holiday resorts and long-term residences through its subsidiaries.