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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