AccorHotels is to buy Movenpick Hotels & Resorts in a deal that its chairman says will allow it to grow quickly in emerging markets.
Accor is paying 560 million Swiss francs ($567 million), for its rival. The deal should take place in the second half of 2018
The Movenpick group was founded in 1973 and operates in 27 countries with 84 hotels, and has a strong presence in Europe and the Middle East.
AccorHotels chairman and chief executive Sebastien Bazin said the deal would accelerate growth in emerging markets, such as the Middle East, Africa and Asia-Pacific.
