• Transaction / Assets
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Melia Buys its Part of the Isora Palace From EBN & Sabadell

The new Melia Hotels International transaction is at the edge of closing. This time the chain made a double movement.

On one hand, Melia became the sole owner of the Hotel Gran Mélia Palacio de Isora (on Tenerife), a 5-star category hotel with 579 rooms, opened in June 2008.

Melia bought the 50% which it had not been controlling in the company of the Hotel Investments La Jaquita, the owner of the establishment, and was divided between Sabadell Bank (which inherited about 45% with the CAM) and EBN (controlled by Unicaja, Ibercaja, Ceiss, BMN and Sabadell itself). By bounding itself with CAM, Sabadell gained 6% of Melia´s capital but it sold its shares in March for 61 million Euros.

(…) Hotel Investments La Jaquita will have a part in the scope of consolidation of Melia, where the Isora Palace is considered strategic. At the finalization of the transaction, the company´s debt is equal to 78 millions and EBIDTA to 10 millions.

On the other hand, Melia sold its properties in Mexico within the framework of its asset rotation policy. For example, Hotel Melia Mexico Reforma, situated in Mexico DF and disposing of 489 rooms. The transaction amounting to 43.8 million Euros will involve the capital gain of 9.8 million Euros in the EBIDTA of Melia.

 

Source: Expansión

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