Hospitality giant AccorHotels has agreed buy Swiss hotel chain Mövenpick Hotels for CHF560 million ($566.4 million).

The transaction is subject to regulatory approvals and is expected to be completed in the second half of 2018.

Mövenpick Hotels & Resorts, which was established in 1973 as an extension of Mövenpick Restaurant Business, has since expanded its international presence and today operates more than 20,000 rooms in 84 hotels across Europe, the Middle East, Africa and Asia.

At present, the hotel company has 42 additional hotels under development and those are set to open by 2021.
 
Mövenpick Holding will continue on its strong growth path with Mövenpick Fine Foods, Mövenpick Wein and Marché International. - TradeArabia News Service