Prince Alwaleed's firm sells Movenpick Hotels to AccorHotels | ZAWYA MENA Edition

Prince Alwaleed's firm sells Movenpick Hotels to AccorHotels | ZAWYA MENA Edition:

"Prince Alwaleed bin Talal's Kingdom Holding 4280.SE and its partners have agreed to sell Movenpick Hotels and Resorts to its associate firm AccorHotels.

The deal is expected to close in the second half of 2018, Kingdom Holding said in a statement. Kingdom has a 5.7 percent stake in Accor SA.

AccorHotels said earlier it had agreed to buy rival Movenpick Hotels & Resorts for 560 million Swiss francs ($567 million), in a deal which Accor said would boost its earnings and marks the latest example of the French group's ambitious takeover strategy. Founded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries with 84 hotels, and has a strong presence in Europe and the Middle East."



'via Blog this'