Two American companies to save Room Mate
The hotel group created by Kike Sarasola in 2005 has been hit really hard by the pandemic. On a strong growth phase in 2020, it didn’t have enough cash flow to face the lack of activity.
The hotel group created by Kike Sarasola in 2005 has been hit really hard by the pandemic. On a strong growth phase in 2020, it didn’t have enough cash flow to face the lack of activity.
The investment firm Angelo, Gordon & Co., L.P. partners with the Canadian Westmont Hospitality Group to take over Room Mate’s properties, activities, and debts.
Angelo Gordon and Westmont initially invested in Room Mate in April 2022 and acquired the company following June 24th court decision to recognize the company insolvent. They offered €57 M to preserve the 400 jobs provided by the company and honour commitment to suppliers and partners.