Interhotel, which operates 250 hotels throughout France, is to sell its properties in a deal that will generate a 'double-digit million euro' profit for Aareal Bank, holder of a 33% stake in the hotel group.
Interhotel, which operates 250 hotels throughout France, is to sell its properties in a deal that will generate a 'double-digit million euro' profit for Aareal Bank, holder of a 33% stake in the hotel group.
The parties had agreed not to disclose the terms of the sale that is still subject to regulatory approval. But the sale price is in the 'three-digit million euro range,' the bank said.
Hermann Josef Merkens, a member of Aareal's board of management, classified the disposal as a 'further major milestone in Aareal Bank's realignment' and said: 'We will invest these funds - as well as the human resources and management capacity freed up - in a targeted manner, to further grow of our core Structured Property Financing business.'
Merkens added that Aareal Bank Group has so far exceeded its own projections for the implementation of its six-point realignment programme.
