France’s AccorHotels has confirmed today that the company has officially acquired Mövenpick Hotels & Resorts for 482 million Euros ($559 million). CEO and president Mövenpick Hotels & Resorts Olivier Chavy has revealed on his personal LinkedIn page that he has stepped down from his role starting immediately.

Chavy also said it was "a mix of emotion, immense gratitude, pride and some sadness" as he leaves his position at the Swiss company. He will be taking a sabbatical and will then start searching for a new challenge.

There was some sadness and shock from his colleagues on his LinkedIn update. 

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Cluster general manager for Mövenpick hotels in Aqaba Dan Benzaquen said: "You will be dearly missed, thank you for everything, thank you for your leadership and your dynamism! It was refreshing, inspiring and a true pleasure working with you and for you. All the very best for an even brighter future."

According to Accor's statement, comprised of 84 properties with over 20,000 rooms and 42 signed pipeline hotels to be opened before December 2021, the Mövenpick network consolidates AccorHotels’ footprint in Europe and Asia while accelerating growth in Africa and the Middle East, where Mövenpick enjoys significant brand awareness.