AccorHotels earlier this week announced that it had signed an agreement with Swiss based Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for €482 million an equivalent of Ksh. 60billion.
The transaction is subject to regulatory approvals which should be completed during the second half of 2018.
Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels (more than 20,000 rooms) and a particularly strong presence in Europe and the Middle East. Mövenpick Hotels & Resorts also plans to open 42 additional hotels by 2021, representing almost 11,000 rooms, with significant expansion in Middle East, Africa and Asia-Pacific.
The international hotel chain recently opened its first hotel, a 5-star upscale property featuring 276 spacious rooms, suites and residences in Nairobi’s Westlands district paving the way for its ambitious plan to expand in Sub Saharan Africa.
“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.” said Sébastien Bazin, Chairman and CEO of AccorHotels.
During the official opening of Mövenpick Hotel & Residences Nairobi, General Manager Mr. Andreas Flückiger termed Nairobi as one of East Africa’s fastest-growing hubs for tourism and trade and was optimistic that “the arrival of Mövenpick in the city would cater to strong demand from the local business community and corporate and leisure travellers flocking to the capital”.
Accor hotels own two other brands in Kenya, the luxury Hotel Fairmont The Norfolk and budget Hotel Ibis Styles in Westlands. By the time of going to press, it was not clear how this acquisition would affect the operations of Mövenpick Nairobi.Back to news articles