26 July 2016 – Preferente.com
The US group Choice Hotels is finalising the purchase of High Tech, the owner of the Petit Palace brand, in an operation that is estimated to be worth between €120 million and €130 million.
Conversations between N+1,which controls 52% of the hotel chain, and the US giant started months ago and have been advised by KPMG. On 24 June, they reached a pre-agreement and the due diligence then began immediately. The operation is expected to be finalised this month or next.
In addition to the 52% stake owned by N+1, Choice Hotels will also acquire the share capital held by the minority shareholders, led by the team that founded Petit Palace, owner of a 26% stake, as they have an option to participate in the sale. This purchase will represent the US giant’s debut in Spain; it is the sixth largest hotel group in the world.
Original story: Preferente.com
Translation: Carmel Drake