NEW YORK AC Hoteles, the Spanish hotel chain, plans to open 60 new hotels in major Spanish cities over the next three years, funded partly by the shareholder Banco Santander Central Hispano (BSCH), who intends to increase its stake by 5% through its risk-capital unit 3i.
The investment by 3i is believed to have been made possible by having relinquished all ties with the UK-based hotel chain Manzies Hotels, following a refinancing deal. In the agreement, AC Hoteles will increase its share capital, thus allowing 3i to increase its stake in the company to 15% for a sum of around Euro 39 million. (9/20/00)
SOURCE: HVS International