Accor Group recently announced that it has agreed to acquire the Swiss hotel chain Mövenpick Hotels and Resorts with the price of 560 million Swiss francs.

Accor Group stated that the price is approximately 19 times of Mövenpick Hotels & Resorts' EBITDA in 2018/2019 fiscal year. The transaction is expected to be completed in the second half of this year, and it still needs the relevant department‘s approval.

Founded in 1973, Mövenpick Hotels & Resorts operates in 27 countries and has a total of 83 hotels with a total of more than 20,000 rooms, most of which are located in Europe and the Middle East. The total number of employees worldwide is approximately 16,000. It expects to open more than 42 new hotels by 2021 with 11,000 new rooms.

Sébastien Bazin, the CEO of Accor Group said: “The acquisition of Mövenpick Hotels and Resorts will further accelerate our growth in the emerging tourism markets, such as the Middle East, Asia Pacific and Africa. They are a perfect complement to our brand portfolio and on the other hand, Mövenpick Hotels and Resorts will benefit from joining our loyalty program and sharing our distribution network, which is a win-win deal for both of us.”

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