Mövenpick has given its activities grouped under the brand Mövenpick Hotels and Resorts (MHR) to the french sector specialist, Accor Group. The amount of the transaction reached 560 million francs, said Monday Mövenpick.
The integration of the chain of hotels in the Accor will accelerate growth. Thus, Mövenpick Hotels will now benefit new channels of sale, access to the customer loyalty program and improve the operational performance of the properties. The french group is present in over 100 countries with 4300 hotels and residences.
The transaction, which is expected to close in the second half of the year, is subject to the approval of the competition authorities. Partner of Mövenpick, Kingdom holding company, agreed to the sale.
The Mövenpick Hotels & Resorts brand was created in 1973 as an extension of the restoration activities. Deployed abroad, the chain operates 84 hotels in Europe, the Middle East, Africa and Asia and plans to open 42 new settlements by 2021.
Other activities of the Mövenpick, i.e. Mövenpick Fine Foods, Mövenpick wine and International market group, are not affected by the changes.