AccorHotels to purchase Movenpick Hotels for $567 million

collected by :Frank Ithan

PARIS (Reuters) - France's AccorHotels (ACCP.PA) has agreed to purchase Movenpick Hotels & Resorts for 560 mn Swiss francs (411.4 mn pounds) as CEO Sebastien Bazin pushes his expansion drive into developing markets. FILE PHOTO: The logo of French hotel operator AccorHotels is seen on highest of the company's headquarters in Issy-les-Moulineaux near Paris, France April 22, 2016. REUTERS/Gonzalo Fuentes/File PhotoPrevious acquisitions under Bazin, who took over in 2013, involve Toronto-based Fairmont Raffles Hotels International, owner of London's Savoy Hotel, The Plaza in NY & the Raffles Hotel in Singapore. FILE PHOTO: Sebastien Bazin, chairman & CEO of French hotel operator AccorHotels, at the company's 2017 annual results presentation in Issy-les-Moulineaux near Paris, France, February 21, 2018. Movenpick was founded in 1973 in Switzerland & operates further than 80 hotels by a powerful presence in Europe & the Middle East.


AccorHotels agrees to purchase Movenpick Hotels for $567 million

PARIS (Reuters) - AccorHotels has agreed to purchase elect Movenpick Hotels & Resorts for 560 mn Swiss francs ($567 million), in a bargain that Accor said would boost its earnings & marks the latest example of the French group's ambitious takeover strategy. The logo of French hotel operator AccorHotels is seen on highest of the building company's headquarters in Issy-les-Moulineaux near Paris, France, April 22, 2016. REUTERS/Gonzalo Fuentes/File PhotoFounded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries by 84 hotels, & has a powerful presence in Europe & the Middle East. The Movenpick Hotels takeover follows other deals in Former years that have seen AccorHotels buying Mantra Group & FRHI, the owner of London's Savoy & Fresh York's Plaza Hotels. Bazin, who took over in August 2013, has been cutting costs & expanding in China & the luxury hotels market, & has too made AccorHotels invest in Fresh areas of businesses like concierge services.

AccorHotels agrees to buy Movenpick Hotels for $567 million

AccorHotels to acquire Movenpick Hotels and Resorts

as declared in AccorHotels SA (AC.FR) said Monday which it has signed an licence to acquire Movenpick Hotels & Resorts from Movenpick Holding & Kingdom Holding for 560 mn Swiss francs ($566.5 million) in cash. The French hotel group said the acquisition going to have an accretive influence on AccorHotels's earnings from the premier year. The transaction ought be completed during the 2nd half, subject to regulatory approvals, AccorHotels said.






Comments

Post a Comment

Popular posts from this blog

Dalata Hotel Group in bargain for 2 Fresh hotels in the UK

Image
as mentioned in Dalata Hotel Group has agreed deals to lease 2 Fresh hotels to be built in the UK. The Fresh hotels - in Bristol & Birmingham - going to deliver an estimated 580 Fresh bedrooms to Dalata's hotel portfolio. A Fresh Clayton Hotel is planned for Bristol, that going to be developed by Artisan Real Estate Businessmen Limited. Dalata indeed operates 7 Clayton hotels in the UK, in London (2), Cardiff, Leeds, Birmingham, Belfast & Manchester Airport. The Inc. too operates Maldron hotels in Derry, Belfast City Centre & Belfast Airport by a more Maldron hotel under construction in Newcastle & another 1 planned for Glasgow. Reservations This time unlock for Fresh character dining at Disneyland Resort hotels Pin Stumble Share Shares 0Reservations are This time obtainable for Mickeys' Tales of Adventure Character Breakfast at Storytellers Cafe & Donald Duck's Seaside Breakfast at Disney's PCH Grill at the Disneyland Resort. These Fresh din...
Read more

700 families continue in hotels as promise to homeless is broken

Image
collected by : Frank Ithan Mike Allen, from Focus Ireland, warns there is no strategy to bargain by the growing problem ROLLINGNEWSSeven 100 homeless families are staying in hotels & bed & breakfasts 8 months on from Simon Coveney's pledge which they would no longer be used. When he was housing minister, Mr Coveney promised to eliminate the Utilize of hotels by the finish of June for those in contingency accommodation. Eoghan Murphy, his successor, conceded which the deadline would not be met & which there were 650 families in B&Bs & hotels at the finish of final May. Since the deadline the number of families has increased by 50 & hundreds further are in "family hubs" introduced to help the Gov. meet its target. The hubs have self-contained units by communal kitchens & gyms as well as playrooms & homework rooms. Puerto Ricans continue stranded in hotels six months after storm And then there is Carmen Acosta, who longs to go house fr...
Read more

Hilton declares Fresh Hilton Garden Inn & Hampton with Hilton Hotels for France

Image
as informed in Having reported the launch of its Hilton Garden Inn & Hampton by Hilton brands in France at final year's MIPIM conference in Cannes, Hilton (NYSE: HLT) is continuing to extend in the French mid-market segment by 2 Fresh properties. The group has signed a Hilton Garden Inn hotel to unlock in the Parisian suburb of Massy & a Hampton by Hilton property near Toulouse Airport under franchise licences by Naos Hôtel Groupe & NT Hotel Gallery respectively. Hilton Garden Inn Massy going to form a focal portion of the redevelopment of Massy & we look forward to welcoming guests following summer."Hilton Garden Inn Massy going to be located on Avenue Carnot / Place du Grand Ouest. Hampton by Hilton Toulouse AirportAt only 600m from the airport terminal & 800m from Blagnac Shopping Centre, Hampton by Hilton Toulouse Airport going to provide a convenient Fresh option for passengers travelling out of Toulouse. We look forward to welcoming these visitors...
Read more