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BBVA & Amancio Ortega to Close the Occidental Hoteles Sale

19/02/2014 – Cinco Dias

Months have passed since Amancio Ortega and BBVA jointly named Morgan Stanley to put the Occidental Hoteles up for sale. They pursue at shedding their holding in the chain chaired by Eduardo Fuentes for which they had paid €700 million.

BBVA holds 60% of the chain through Valanza, its capital risk firm, whereas Amancio Ortega owns 23% via real estate company Partler 2006. The rest of the holding lays in hands of the hotel´s ex-director, Gregorio de Diego and the family possessing also the Comsa group.

Both investors received a lot of offers for the holding in the Occidental Hoteles, from such hotel groups as AMResorts and Playa Hotels & Resorts, a company where Barceló holds 40%, according to Bloomberg.

The Occidental Hoteles has got 18 establishments on eight different continents, in total 6.700 rooms divided among the Caribbean, Central America and Europe. The company employs 4.300 people.

By December 2013, the chain has managed the Hotel Miguel Ángel in Madrid, owned by Nadhmi Auchi. The Occidental Hoteles achieved refinancing of its long-term debt in May 2013 and announced intention to renovate its hotels (…).

 

Original article: Cinco Días

Translation: AURA REE