Hotel Giant AccorHotels Buys Mövenpick Hotels & Resorts

France’s AccorHotels has acquired Mövenpick Hotels & Resorts for 560 million Swiss francs ($566.5 million U.S.), it was announced Monday, in an agreement with Mövenpick Holding and Kingdom Holding.

Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts currently operates 84 hotels, with a strong presence in Europe and the Middle East. The upscale hospitality company also plans to open 42 additional hotels by 2021, with significant expansion in several key regions for AccorHotels.

“With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in the Middle East, Africa and Asia-Pacific,” said Sébastien Bazin, chairman and CEO of AccorHotels.

The deal, expected to close in the second half of this year, is the latest example of the French hotel group’s aggressive takeover strategy “to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth.”

Earlier this month, AccorHotels purchased a 50 percent stake in South Africa’s Mantis Group as part of its expansion plans. In 2016, the company also acquired Canadian FRHI Hotels & Resorts – parent company of luxury brands Fairmont, Raffles, and Swissôtel – adding more than 100 high-end hotels to its portfolio.