Accor agrees to buy Switzerland's Moevenpick for $751 mil

(Apr 30): Accor SA agreed to pay 560 million Swiss francs ($751 million) in cash to acquire Moevenpick Hotels and Resorts, a Swiss company that operates 84 hotels.

The deal is the latest step by Accor to diversify from budget hotels. The acquisition of Moevenpick, with shareholders including Kingdom Holding Co., follows Accor’s 2016 purchase of FRHI, the operator of the Fairmont, Raffles and Swissotel chains.

The transaction will add to Accor’s earnings from the first year, the Paris-based company said in a statement Monday. Moevenpick’s main markets are in Europe and the Middle East, and the company plans to open 42 additional hotels by 2021 as it accelerates growth in emerging markets.

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