French Group ACCOR To Acquire Movenpick
The global hotel consolidation trend remains in fast gear with the latest news that ACCORHotels has entered into a deal to buy Movenpick Hotels and Resorts for a reported USD567 million.
Movenpick currently operate 84 hotels across the world, with more than 20,000 rooms.
It’s expected the deal will close before the end of this year.
One of the largest shareholders in Movenpick is Saudi Prince Alwaleed bin Talal’s Kingdom Holdings.