Accor completes Moevenpick acquisition

05 September 2018
Saudi Arabia's Kingdom Holding and its partners agreed to sell the Swiss hotel chain earlier this year

France’s AccorHotels has completed the acquisition of Switzerland-headquartered Moevenpick Hotels & Resorts.

The transaction involves the purchase of 100 per cent of the share capital of Moevenpick Hotels & Resorts, and ownership of the Moevenpick brand for all activities related to the hospitality business.

AccorHotels says it made this acquisition at an enterprise value of CHF560m ($577.4m).

Saudi Arabia’s Prince Alwaleed bin Talal’s Kingdom Holding and its partners agreed to sell Moevenpick Hotels and Resorts to AccorHotels earlier this year.

Kingdom Holding also has a 5.7 per cent stake in Accor.

In February this year, Accor agreed to sell a majority stake in its property business to a group of investors that included Saudi Arabia’s Public Investment Fund, for about $5.4bn.

The PIF and other investors such as Singapore’s GIC, France’s Credit Agricole Assurances, France’s Amundi, US-based Colony Capital bought a 55 per cent stake in AccorInvest.

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