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Accor takes over Mövenpick

Anna Pakulniewicz 15 May 2018

Anna Pakulniewicz

Journalist

+48 22 356 25 07
anna@eurobuildcee.com

Ania covers the Baltic states’ real estate markets, architecture and urban planning in Warsaw as well as interior design. She is also the co-founder of Eurobuild TV. Among others, she has been employed by TVN CNBC, PAP Insider, WBJ (The Observer), Poland Monthly and IMM. She graduated from the Warsaw School of Economics, majoring in international relations. She has also completed postgraduate studies in macroeconomic analysis. In addition to this, she studied Lithuanian philology

Accor takes over Mövenpick
Mövenpick has a hotel in Accra, Ghana
EUROPE AccorHotels has signed an agreement with Mövenpick Holding and Kingdom Holding to buy Mövenpick Hotels & Resorts for CHF 560 mln (EUR 482 mln).

“The transaction implies a 14.9X 2019e EBITDA multiple before synergies (including transaction costs), and less than 10X pro forma 2019e EBITDA after run rate synergies and committed development pipeline. The transaction will have an accretive impact on Group earnings from the first year,” writes Accor in a press release. Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries and has a chain of 84 hotels (more than 20,000 rooms). Mövenpick Hotels & Resorts also plans to open 42 hotels by 2021, comprising almost 11,000 rooms, with a significant expansion in the Middle East, Africa and the Asia-Pacific regions. The group employs over 16,000 people around the world. The chain also plans to open in Poland. “With the acquisition of Mövenpick, 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. (...)This transaction illustrates the strategy we intend to pursue with the opening up of AccorInvest’s capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth.” said Sébastien Bazin, the CEO and the general director of Accorhotels. The transaction is subject to regulatory approval and should be finalised in H2 of 2018.


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