Sol Meliá acquires the Tryp hotel chain

Sol Meliá and the Madrid-based TRYP hotel chain have signed an agreement by which the former will acquire all of the shares in TRYP S.A. for a total of 60,000 million pesetas. The operation will consolidate Sol Meliá's position as the leading Spanish hotel company, with 201 hotels nation-wide, and significantly increase its portfolio and leadership in the city hotel market.

According to the agreement signed by Sol Meliá's Vice-Chairman, Sebastián Escarrer, the Chairman of TRYP, Antonio Briones and the Chief Executive Officer of TRYP, Rufino Calero, a payment will be made of 27,000 million pesetas and 13,222,266 Sol Meliá shares valued at 15 euros per share. TRYP shareholders will thus become owners of approximately 7.2% of the hotel chain's capital and Rufino Calero will join Sol Meliá's Board of Directors.

It is estimated that the cost savings created by the merger of the two companies will exceed 1,000 million pesetas per year. Sol Meliá, which currently comprises 275 establishments with over 71,500 rooms, has already signed a further 62 contracts for the operation of new hotels with 17,464 rooms to be added over the coming months. Likewise, TRYP, which currently operates 60 hotels, has signed contracts for the integration of an additional 15 hotels over the next eighteen months with nearly 4,000 rooms. Following the incorporation of these 77 additional hotels, Sol Meliá will offer a portfolio of 410 hotels with 102,450 rooms in 32 countries, becoming one of the ten leading hotel chains in the world ranked by number of rooms.

More information: Sol Meliá press room

Datum: 21/08/2000

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