17/11/2014 – Expansion
Sotogrande called for an extraordinary shareholders’ meeting, to take place on December 18th, with view to endorsing a new stage of the company, until now belonging to the NH Hotel Group and acquired by Cerberus and Orion for €225 million in October.
As per the meeting programme, new composition of the managing board will be approved through voting. For instance, assignations of Marc Topiol as the Chief Executive Officer, and Jose Maria Aznar Botella (the son of Spain’s ex-Prime Minister) and Isidoro Minguez as domanial directors respectively representing Cerberus and Orion.
In turn, the administrative board said good-bye to Federico Gonzalez Tejera (NH’s CEO) and to Jose Maria Lopez-Elola from Grupo Inversor Hesperia. Uria Menendez and Jefferies have advised NH on the process.
The operation excluded the Sotogrande assets located outside of Spain (i.e. in Italy, the Dominican Republic and Mexico) and NH will continue to manage two hotels of the chain.
Original article: Expansión (by Y. Blanco)
Translation: AURA REE
Source: AURA Real Estate Experts