AccorHotels Acquires Mövenpick Hotels & Resorts

Photo credit: aldorado / Shutterstock.com

Logo of famous Movenpick Hotel near airport Stuttgart and Stuttgart trade fair (Messe). Photo credit: aldorado / Shutterstock.com

 

AccorHotels has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts for CHF560 million in cash. The transaction implies a 14.9X 2019e EBITDA multiple before synergies including transaction costs, and less than 10X pro forma 2019e EBITDA after run rate synergies and committed development pipeline. The transaction will have an accretive impact on Group earnings from the first year.

Movenpick Ibn Battuta Gate Hotel in Dubai. NOV 2, 2013 in Dubai, United Arab Emirates (Photo credit: Zhukov Oleg / Shutterstock.com)

Movenpick Ibn Battuta Gate Hotel in Dubai. NOV 2, 2013 in Dubai, United Arab Emirates (Photo credit: Zhukov Oleg / Shutterstock.com)

Mövenpick Hotels & Resorts was founded in 1973 in Switzerland. Today it operates 84 hotels with over 20,000 rooms in 27 countries with a strong presence in Europe and Middle East. 42 additional hotels have been planned to open by 2021, with significant expansion in Middle East, Africa and Asia-Pacific. The group employs over 16,000 people worldwide.

Sébastien Bazin, Chairman and CEO of AccorHotels, said, “With the acquisition of Mövenpick, 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. The Mövenpick brand is the perfect combination of modernity and authenticity and ideally complements our portfolio. Its European-Swiss heritage is a perfect fit with AccorHotels.  By joining the Group, it will benefit from AccorHotels’ power, particularly in terms of distribution, loyalty-building and development. This transaction illustrates the strategy we intend to pursue with the opening up of AccorInvest’s capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth.”  

The transaction is subject to regulatory approvals and should be completed during the second half of 2018.

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