Hispania’s stake is valued at €458.6 million.
Hispania and the Barceló Group have agreed that their stakes in Bay Hotels & Leisure shall amount to 76% and 24%, respectively, after Bay acquired all of the share capital in Barceló Hotels Canarias and Poblados de Vacaciones from the Barceló Group. The two companies own five hotels and a shopping centre. The Barceló Group has thus cancelled its option to obtain a 49% stake in Bay in the future.
According to a statement made today by Hispania to Spain’s National Securities Market Commission (CNMV), the final valuation of its 76% stake in Bay is €458.6 million, a figure that includes investments relating to refurbishments worth €25.2 million, made to strengthen the positioning of the portfolio.
Hispania has disbursed €186 million to complete the operation and establish its 76% stake in Bay.
Original story: Expansión
Translation: Carmel Drake
Translation/Summary: Carmel Drake