AccorHotels SA has signed an agreement to acquire Movenpick Hotels & Resorts from Movenpick Holding and Kingdom Holding for $566.5 million in cash.
The transaction should be completed during the second half of 2018, subject to regulatory approvals. Kingdom has a 5.7 percent stake in Accor SA.
Founded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries with 84 hotels.
