Leading Majorcan hotel chain Sol Melia yesterday announced the purchase of Spanish hotel chain Tryp and is now one of the ten largest hotel chains in the world. The 60'000 million peseta acquisition was confirmed by Sol Melia yesterday, along with the further 12'500 million peseta purchase of hotels Fénix de Madrid and Colón de Sevilla. Sol Melia vice-chairman, Sebastia Escarrer said yesterday that the Tryp deal will “consolidate” Sol Melia's market standing and strategic position in Spain and involves the purchase of quality hotels in key tourist destinations such as the Caribbean and Tunisia. The acquisition of Tryp is expected to be approved by the board of shareholders early next month and once the purchase has been completed, the Escarrer family will hold a 61 percent stake of Sol Melia with Tryp shareholders having 7.2 percent, making them the second largest group of shareholders. The move by Sol Melia will see the Majorcan hotel chain, already rated as one of the top 30 best chains in the world, adding an extra 60 hotels to its chain and another 9'700 beds worldwide. As it stands, Sol Melia has 275 hotels, 71'500 beds and over the next few months is to sign contracts to manage a further 62 hotels with a total of 17'464 beds. Once the Tryp deal is completed, the Sol Melia chain will be comprised of 410 hotels with 102'450 beds in 32 different countries.

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