Accorhotels has signed an agreement to acquire Movenpick Hotels and Resorts, adding the Swiss company’s 84 hotels to its portfolio.

The French hotel group announced the acquisition today, for a cash amount of 560 million Swiss francs (US$567 million). Along with Movenpick’s existing properties, the acquisition also includes its pipeline of 42 new properties – many of which are located in Asia-Pacific, the Middle East and Africa – that it plans to open by 2021.

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

“By joining the Group, it will benefit from Accorhotels’ power, particularly in terms of distribution, loyalty-building and development. This transaction illustrates the strategy we intend to pursue with the opening up of Accorinvest’s capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth.”

Details of these benefits, such as integration with Accorhotels’ loyalty scheme, have yet to be announced, though the company has stated the transaction should be completed during the second half of 2018, subject to regulatory approvals.

Accorhotels has been significantly expanding its portfolio through acquisitions over the past few years, notable with the addition of Australian-based Mantra Group last year and FRHI Hotels and Resorts – which includes the Fairmont, Raffles and Swissotel brands – in 2016.

But the French company is not alone in this regard. Last month, Marriott International announced plans for its new integrated loyalty programme following its merger with Starwood Hotels and Resorts in 2016.,