New sole shareholder confirmed for Vienna House
The entire equity stake of Vienna International Hotelmanagement AG (Vienna House) has been acquired by Vienna House Capital. In the months since the contract signing in mid-February, the agreement was prepared for closing, subjected to an antitrust review and confirmed on 31 May 2017. Vienna House Capital is the Austrian subsidiary of Thailand's U City PCL (U City) with headquarters in Vienna.
In addition to the entire equity stake, the acquisition also included seven hotel properties and the operating company for andel's by Vienna House Cracow, which had been owned by the Warimpex Group and partially by UBM Development AG. These properties were incorporated into the Vienna House Group. The total transaction amounts to approximately EUR 335 million. All of the acquired hotels were already under management by Vienna House.
U City is a listed Thai commercial property company. Its largest shareholder is the family-operated BTS Group (BTSG), one of Thailand's top publicly listed companies with a market capitalisation of EUR 2.7 billion. With the family of Chairman Keeree Kanjanapas and his son Kavin Kanjanapas (CEO), Vienna House has found a strategic partner who shares the company's vision for the hotel industry and who supports Vienna House's business objectives.
"The deal will strengthen the capital structure of Vienna House to secure further investments in international growth, in the business architecture and in pioneering services. That means that our strategy will focus on growth through management and lease agreements but also through suitable purchases of individual properties or entire portfolios. Another strong focus of mine will be on strategic asset management and acquisitions," explains Rupert Simoner, CEO of Vienna House.
The management board consists as before of Rupert Simoner, Chief Executive Officer, and Martin Ykema, Chief Operating Officer with the new additions of Johanna Weichselbaumer, Chief Financial Officer, and Daniel Ross, Chief Investment Officer. Weichselbaumer, who has been with the group for over 25 years, plays a substantial role in the transaction process. In his dual function as CIO of Vienna House and BTSG, Ross will work with Simoner to further grow the company through investments in portfolio expansion.
The transaction was managed by Credit Suisse on the seller's side and the auditing company Ernst & Young on the buyer's side. Vienna House was assisted by BDO Austria GmbH. "I can only express my greatest praise for all companies involved," says Simoner, adding: "Lead manager Credit Suisse and Robert Ehrenhöfer (Director Head Corporate Advisory Austria) delivered an outstanding performance, always keeping an eye on the common goal of successfully concluding this extensive transaction with all participating companies."
The new supervisory board consists of: Ann Piyaporn Phanachet (Chairwoman and U City CEO), John Westoby (Vice Chairman and U City Hospitality Director), Jonathan Wigley (Member of the Board and AHS Hotels CEO) and Sayam Siwarapornskul (BTSG Chief Legal Officer).
The following properties will be incorporated into the Vienna House Group: Vienna House Amber Baltic Miedzyzdroje, andel's by Vienna House Lodz, angelo by Vienna House Katowice, Vienna House Easy Chopin Cracow, Vienna House Diplomat Prague, angelo by Vienna House Pilsen, angelo by Vienna House Bucharest and the operating company for andel's by Vienna House Cracow. All other lease and management agreements will remain unaffected.
About BTS Group Holdings and U City PCL :
BTSG is a listed Thai conglomerate with a market capitalization of THB 102.0bn (EUR 2.7bn) and the 26th largest company in Thailand by market capitalization. BTSG is a constituent member of the SET50 Index (blue chip), MSCI AC Asia Pacific Index and FTSE4Good Emerging Index (companies that demonstrate strong environmental, social and governance practices).
www.btsgroup.co.th; press contact: Mr. Daniel Kastner, firstname.lastname@example.org
U City PCL is a listed Thai commercial property developer with 30 years of experience and a market capitalization of THB 16.8bn (EUR 453mn). U City's strategy is to acquire or develop recurring income properties near mass transit lines both locally and overseas. On 20th April 2015, BTSG acquired a 35.64%, stake in U City when it sold land plots and a hotel to U City in exchange for shares of the company.
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ABOUT VIENNA HOUSE
Vienna House is all about travelling, making new experiences and exploring as well as recognising the true beauty in the simple things in life. Austria's largest hotel group – repositioned in 2016 under the umbrella brand "Vienna House" – owns and manages hotels with their own character but with shared values and one aim: to inspire guests. The "Vienna House" brand comprises individual city and resort hotels in the 4-star superior and 5-star segments representing timeless design and natural premium quality. Hotels of the "Vienna House Easy" brand are cool, fresh and down-to-earth; the style of the 3- and 4-star hotels is smart and casual. The company currently employs 2,200 staff members in nine countries: from France to Russia, from Poland to Austria. Including cities like Berlin, Bratislava, Bucharest, Coburg, Carlsbad, Cracow, Dresden, Ekaterinburg, Lodz, Munich, Paris, Prague and Trier. Vienna House is a registered trademark of Vienna International Hotelmanagement AG. www.viennahouse.com