20 October 2016 – Expansión
With this operation, B&B Hotels now controls 19 establishments in Spain. The French group already owned four hotels in Valencia, Alicante, Madrid and Gerona, and plans to open a fifth, in Vigo, at the end of 2016.
The Sidorme brand will disappear and will be absorbed by B&B, which is more widely recognised and has a strong international presence. B&B Hotels manages and operates almost 370 hotels in France, Germany, Italy, Spain, Poland, Czech Republic and Morocco.
The head of Sidorme until now, Jairo González, who has purchased a minority “but significant” stake in the hotel chain, will be the CEO of B&B in Spain and Portugal.
The Director has explained that the company plans to enter the Portuguese market soon and grow at double digits over the next three years.
The hotel group expects to increase its sales by 49% in 2016, to exceed €15 million. The company, which increased its sales by 45% in 2015, to more than €10 million, tripled its profits during the same period, to generate a net profit of more than €1 million. “The aim is to achieve cumulative EBITDA growth of 30% over the next three years and to double the size of the hotel chain”, said González.
Sidorme was founded in 2014 by fourteen family offices from across Spain, including the New Windows Group, the Del Castillo family, José Manuel Loureda and the Sansalvadó family, who invested around €25 million in total.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake