{"id":1004226870,"date":"2018-05-03T02:23:39","date_gmt":"2018-05-03T10:23:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004226870"},"modified":"2022-12-08T15:45:05","modified_gmt":"2022-12-08T23:45:05","slug":"accorhotels-to-buy-movenpick-hotels-for-560m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-buy-movenpick-hotels-for-560m\/","title":{"rendered":"AccorHotels to Buy M\u00f6venpick Hotels for $560M"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"M\u00f6venpick<\/a>

M\u00f6venpick Hotel West Bay Doha, Qatar<\/p><\/div>\n

Not one to shy away from major plays, Paris-based global hotel group AccorHotels has entered into an agreement to acquire Switzerland\u2019s M\u00f6venpick Hotels & Resorts for approximately $560 million. AccorHotels will purchase the international upscale hotel management company from M\u00f6venpick Holding and Kingdom Holding in an all-cash transaction.<\/p>\n

\u201cWith the acquisition of M\u00f6venpick, 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,\u201d<\/em> S\u00e9bastien Bazin, CEO of AccorHotels, said in a prepared statement.<\/p>\n

M\u00f6venpick, which has been in the lodging business since 1973, manages 84 hotel properties encompassing more than 20,000 guestrooms across 27 countries. It\u2019s a portfolio that will increase by 11,000 keys with the opening of 42 more properties by 2021. AccorHotels, which just celebrated the expansion of its footprint to 100 countries, presently boasts a 600,000-key portfolio of 4,300 resorts and residences. The company has been on a buying binge of sorts over the last few years, with one of its most notable deals being the $2.9 billion purchase<\/a> of the Fairmont, Raffles and Swiss\u00f4tel brands at the end of 2015.<\/p>\n

AccorHotels\u2019 acquisition of M\u00f6venpick is on track to close during the second half of 2018, and it\u2019s likely that more such transactions will soon follow for the company. \u201cWe have the means to grasp our acquisition opportunities in hotel<\/em>\u2014the hotel business, but elsewhere, too. So, we expect to increase the number of acquisitions we will be making over the years. So broadly speaking, we’re confident about 2018,\u201d <\/em>Jean-Jacques Morin, CFO of Accor SA, said during the company\u2019s full year 2017 earnings presentation on February 21, 2018. Days after the presentation call, AccorHotels announced that it had agreed to sell a majority of its AccorInvest property business for approximately $5.3 billion in cash.<\/p>\n

The consolidation continues<\/strong><\/h2>\n

The $13 billion mega-merger <\/a>of Marriott International and Starwood Hotels & Resorts in 2016 seemed to ignite a fury of M&A announcements in 2017, and more such activity is on tap for 2018, according to a report by commercial real estate services firm JLL. \u201cWe expect to see more hotel M&A activities, due to operators\u2019 drive for supply growth, operational efficiency and profitability through scale,\u201d<\/em> per the report. \u201cThrough consolidation, companies are able to expand their reach to more customers, acquire more advanced platforms and achieve higher revenue.\u201d<\/em><\/p>\n

There\u2019s already been a great deal of hotel-industry M&A activity in 2018. Among the highlights, Eldorado Resorts Inc. announced an agreement to acquire Tropicana Entertainment Inc. for $1.9 billion<\/a> in cash. Spain\u2019s NH Hotel Group rejected a nearly $3 billion unsolicited merger offer from domestic competitor Barcel\u00f3 but left the door open to other proposals. Playa Hotels & Resorts N.V. signed a deal to acquire a portfolio of five all-inclusive resorts and two developable oceanfront sites on the North Coast of Jamaica from Sagicor Group Jamaica Ltd. in exchange for 20 million shares of Playa common stock and $100 million in cash.<\/p>\n

And AccorHotels is keeping busy; the Australian Competition and Consumer Commission recently cleared the company\u2019s proposed $940 million purchase of resort marketer and operator Mantra Group Ltd.<\/p>\n

Image courtesy of M\u00f6venpick Hotels & Resorts<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition will enhance the Paris-based global hospitality company\u2019s presence in Europe, as well as its footprint in emerging markets of the Middle East, Africa and Asia-Pacific. <\/p>\n","protected":false},"author":969,"featured_media":1004226966,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,16,21783,21742],"tags":[34321,32796,32802,40179,40182,33377],"class_list":["post-1004226870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-international","category-investment","category-latest","tag-accorhotels","tag-jll","tag-marriott-international","tag-movenpick-hotels-resorts","tag-sebastien-bazin","tag-starwood"],"acf":[],"yoast_head":"\nAccorHotels to Buy M\u00f6venpick Hotels for $560M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-buy-movenpick-hotels-for-560m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AccorHotels to Buy M\u00f6venpick Hotels for $560M\" \/>\n<meta property=\"og:description\" content=\"The acquisition will enhance the Paris-based global hospitality company\u2019s presence in Europe, as well as its footprint in emerging markets of the Middle East, Africa and Asia-Pacific.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-buy-movenpick-hotels-for-560m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-03T10:23:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:45:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Movenpick-Hotel-West-Bay-Doha-Qatar.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-buy-movenpick-hotels-for-560m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-buy-movenpick-hotels-for-560m\/\",\"name\":\"AccorHotels to Buy M\u00f6venpick Hotels for $560M - 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