Vienna House reveals a decision of enormous impact for the future of Vienna International Hotelmanagement AG just one year after repositioning itself on the market.
The entire equity stake will be acquired by Vienna House Capital, the Austrian subsidiary of Thailand’s U City PCL (U City), effective summer 2017. Vienna House fills a niche between private and chain hotels. This allows the company to act creatively and flexibly and to make changes. Vienna House demonstrated this with its successful market entry and brand management. The goal now is to grow to 50 hotels in Europe by the year 2021. Further worldwide hotel openings are being considered in countries with a high affinity for individual and European hospitality.
Vienna House Capital signed the purchase agreement for seven European hotel properties and one operating company owned by Warimpex and partially by UBM. All of the hotels involved are already under management by Vienna House. With the closing, these hotels will be incorporated into the Vienna House Group.
“We have found exactly the strategic partner we were looking for: A strong shareholder who I have known for some time, who shares our vision of the hotel business and who supports our economic goals,” says Rupert Simoner, CEO of Vienna House, explaining the desired changes. “In this way, we remain one of the last independent European hotel companies – a fact we are very proud of – and can focus on reaching our growth targets in brand management, company positioning and portfolio expansion. Vienna House now owns around half of its current portfolio of 34 hotels – a step that is very important to me from an entrepreneurial point of view,” Simoner adds. The existing lease and management contracts with Vienna House remain valid without change.
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