Sa Nostra acquires 5% stake in AC Hoteles for EUR 33.5 million
Antonio Catalán, the chairman and majority shareholder of the AC Hoteles group, yesterday closed the sale of 5-percent stake in the Spanish hotel chain to local savings bank Sa Nostra for EUR 33.5 million.20 February 2008
MADRID - Antonio Catalán, the chairman and majority shareholder of the AC Hoteles group, yesterday closed the sale of 5-percent stake in the Spanish hotel chain to local savings bank Sa Nostra for EUR 33.5 million.
The operation values AC Hoteles at EUR 662.5 million. The hotel group is privately owned. Catalán said Sa Nostra is acquiring the 5 percent of AC Hoteles' held by the hotel group itself in the form of treasury stock.
The savings bank, which also holds a 10-percent interest in AC Hoteles' Italian subsidiary, will have a seat on the hotel chain's board.
Catalán has a 61-percent stake in AC Hoteles. Other major shareholders include the Cosmen family with 17 percent.
AC Hoteles currently has 90 hotels in operation and plans to add another 25. "We are in a phase of full expansion and in five years will double or network of hotels and our gross profit, which in 2007 was EUR 64 million, with a net profit of EUR 25 million," Catalán said.
He said the expansion would be internally financed, and ruled out AC Hoteles seeking to list on the stock market.
Catalán said AC Hoteles is aiming to become the leading urban hotel operator in Spain, a position currently occupied by NH Hoteles, a chain he himself set up and then sold.
[Copyright EL PAÍS / ADRIAN SOTO / Santiago Hernández Galán 2008]
Subject: Spanish news