PALMA DE MALLORCA, BALEARIC ISLANDS, SPAIN Sol Melia, Spain s largest hotel company, has acquired 60 properties from Madrid-based TRYP in a cash and stock deal, giving it 201 properties in the country and continuing the global expansion plan it set in motion this time last year. The buy represents more than 9,700 guestrooms.
The merger is expected to drive cost efficiencies, create fiscal, legal, operational and administrative synergies and integrate the staffs of both organizations.
Rufino Calero, TRYP s CEO, will join Sol Melia s board of directors.
The move comes on the heels of groundbreaking last month in Puerto Rico for the $107 million initial phase of Sol Melia s first United States property, the Paradisus Coco Beach All-Inclusive Beach Resort. The all-suite property is scheduled to open August 2002.
Sol Melia s 2000 expansion plans include new properties in Brazil, Mexico, Panama, and throughout Asia Pacific and Europe. In addition to the TRYP deal, Sol Melia has inked 62 contracts to operate new hotels over the next several months. TRYP had agreements to add 15 hotels over the next 18 months. When the 77 contracts are incorporated, Sol Melia will have a 410-hotel portfolio representing 102,450 rooms.