DUBAI, United Arab Emirates (AP) — The mammoth French AccorHotels group is acquiring Movenpick's 84 hotels around the world in a deal worth 560 million Swiss francs ($565 million).
AccorHotels' 25 brands include Raffles, Fairmont, Sofitel, Swissotel and Novotel.
The Swiss-brand of Movenpick Hotels and Resorts is present in Europe, the Middle East, Africa and parts of Asia, with plans to open 42 additional hotels by 2021.
The chairman and CEO of AccorHotels, Sebastien Bazin, says the acquisition of Movenpick hotels accelerates the French group's growth in emerging markets. The deal is expected to be completed before the end of the year.
The Saudi-based Kingdom Holding Company, whose chairman is Prince Alwaleed bin Talal, also announced Monday's deal. Kingdom Holding is an investor in AccorHotels and holds a 33.3 percent stake in Movenpick's hotel chain.