Spanish hotel group NH Hotels and Banca Intesa have concluded an agreement giving them control over Italy's Jolly Hotels group. A new holding company will be formed called Grande Jolly with control of 75% of the hotel group. It will launch a bid to buy the outstanding 25%. Presently Joker Partecipazioni owns 50% of Jolly Hotels, with NH Italia, a joint venture between NH Hotels and Banca Intesa , holding 21% and Banca Intesa 4%.
Spanish hotel group NH Hotels and Banca Intesa have concluded an agreement giving them control over Italy's Jolly Hotels group. A new holding company will be formed called Grande Jolly with control of 75% of the hotel group. It will launch a bid to buy the outstanding 25%. Presently Joker Partecipazioni owns 50% of Jolly Hotels, with NH Italia, a joint venture between NH Hotels and Banca Intesa , holding 21% and Banca Intesa 4%.
Under the new structure NH Italia will own 51%of Grande Jolly, Joker Partecipazioni 42% and 7%. NH Hotels and Banca Intesa will invest EUR 200 mln into NH Italia to finance the deal. Separately, Antonio Favrin, who is a shareholder in Joker Partecipazioni, said that Jolly Hotels plans to increase its network of hotels to 100 from the current 77, Freeman European News reported.
