Sancus Capital, the management company led by Borja Escalada, has closed a deal with Castlelake and other partners to acquire approximately 53.5% of the SOCIMI Hotei Properties. The agreement includes extending the same economic proposal to the rest of the shareholders with the aim of reaching 100% of the capital, as communicated this Wednesday by the company specializing in hotel asset management.
The operation is conditional on the fulfillment of several requirements, including that the general meeting of shareholders of Hotei approves the sale of the Hotel Nomade in Madrid, a transaction whose binding agreement has already been made public by the SOCIMI itself.
Under the pact reached, a maximum price of 3.2 euros per share has been set, from which distributions paid to shareholders from the date of the agreement until the closing of the transaction will be deducted, both in the form of dividends and share premium distributions. This amount implies a premium of 16% compared to the share price.
As the firm has emphasized, the offer made, added to the distributions made to shareholders since Sancus Capital's entry and the appointment of Borja Escalada as CEO of Hotei, translates into a revaluation of the share value close to 85% in just 18 months.
18 months ago, Sancus Capital had already sealed a strategic alliance with Hotei Properties to facilitate its potential entry into the SOCIMI's capital and its active participation in the design, management, and execution of the company's strategic plan.
In parallel, Borja Escalada is a partner and chief executive officer of the vehicle Sancus Hotels, owner of the Rosewood Villa Magna and Bless Madrid hotels.
"This transaction will allow us to consolidate Sancus Capital and Borja Escalada's proven experience and knowledge in this field with Hotei's capabilities and asset portfolio," the company stated.
"We are very excited to increase our involvement and commitment to Hotei Properties, which seeks to make the company the benchmark in the luxury and ultra-luxury hotel sector in Europe, and thereby increase value generation for the Company's shareholders," highlighted Borja Escalada, who will continue as its CEO.
With this move, the reference shareholder of Hotei Properties is replaced and its long-term roadmap, focused on the ownership and management of luxury and ultra-luxury hotels, is reinforced.