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Written by / Agency / Source: Sol Meliá Hotels & Resorts

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Meliá Hotels International Forms a Joint Venture with the Real Estate Investor Evertaas - Meliá Hotels International Forms a Joint Venture with the Real Estate Investor Evertaas to Strengthen its Leadership in Calvia, One of the Most Important Tourism Destinations in Mallorca
Meliá Hotels International Forms a Joint Venture with the Real Estate Investor Evertaas

 

NewswireToday - /newswire/ - Palma de Mallorca, Spain, 2011/07/01 - Meliá Hotels International Forms a Joint Venture with the Real Estate Investor Evertaas to Strengthen its Leadership in Calvia, One of the Most Important Tourism Destinations in Mallorca.

   
 
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• The new company will add two new properties with more than 450 new rooms to the Sol Hotels resort brand;
• The operation consolidates the ongoing repositioning by the company of the Sol brand;
• Real estate profitability and synergies, key factors in a deal that reinforces company real estate and product diversification strategies.

Meliá Hotels International has signed an agreement to create a 50% joint venture with Evertaas and a number of other minority shareholders belonging to or controlled by the same group, to which both companies will contribute hotel assets:

• Meliá Hotels International and Evertaas contribute their 50% share in the Royal Beach Hotel, located in Magalluf, Mallorca.
• Meliá Hotels International contributes the 757 room Antillas Barbados hotel.
• Evertaas contributes 230 apartments in the Mallorca Beach hotel.

As a result of the agreement Meliá Hotels International will manage the three hotels under the Sol Hotels brand (solmelia.com), the company’s leading brand for midscale resorts. This new joint venture and the consequent adaptation of the assets will also have a positive impact on the process of renovation and repositioning of the Sol brand. The brand has recently made significant investments in the renovation of some of its most successful hotels, including the Sol Gavilanes in Menorca and the Sol Trinidad, Sol Guadalupe and Sol Antillas Barbados in Mallorca.

The deal also presents significant opportunities in the coming future, given that the location of the three hotels and their product quality represent considerable potential for development and improvement of the hotel supply and ancillary services in this Mallorcan destination. Meliá Hotels International also highlights that the deal will allow the future development of a more integrated resort concept, including hotels and shopping and leisure services which will have a major positive impact on the development of the destination.

In line with company strategy to optimise real estate value through the proactive management of properties and the maximization of opportunities in the current real estate cycle, the deal will also generate capital gains for Meliá Hotels International of 20.7 million euros due to the sale of the Antillas Barbados hotel to the new company.

 
 
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Written by / Agency / Source: Sol Meliá Hotels & Resorts

 
 

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Meliá Hotels International Forms a Joint Venture with the Real Estate Investor Evertaas

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Sol Meliá |
Publisher Contact: Communications Department - Solmelia.com 
971 22 44 64 comunicacion[.]solmelia.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Sol Meliá Hotels & Resorts securities in any jurisdiction including any other companies listed or named in this release.

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