MADRID Hedge fund manager George Soros and Bass Plc will invest 35 billion pesetas, or $196 million, to start a low-budget hotel chain in Spain, Cinco Dias said. Soros Medgroup Investments and Bass will open 40 hotels catering to business travelers that will operate under the brand Express by Holiday Inn, the paper said, citing no sources or time period for the development.
The venture will include a Spanish company that wasnt identified by the paper, which said Medgroup has been negotiating in recent months with Madrid-based NH Hoteles SA for a local partnership. (12/27/00)
SOURCE: Bloomberg News