Minor Hotels Group Continental Holding will acquire the 4.1% stake in Minor Hotels Europe & Americas still held by private shareholders. ‘This delisting is a decisive step in creating a more agile, efficient and focused organisation,’ explained Dillip Rajakarier, CEO of Minor International Group. ‘It strengthens our ability to seize global growth opportunities and generate greater value for our shareholders.’
The approved transaction coincides with the publication of half-year results by Gonzalo Aguilar, CEO of MHE&A, which show Minor Europe & Americas’ revenue at €1.2 billion, up 5%, and a 6% improvement in RevPAR, exceeding €102. Gross margin (EBITDA) amounted to €317 million and net profit for the period rose 58% to €112 million, including €26 million from the sale of assets.
The profitable results enabled a significant reduction in debt (to €114 million) following the early repayment of €400 million in bonds.
