Sol Meliá has signed an agreement to purchase the English company Lomondo Limited, operator of “The White House” Hotel from the Guernsey company Alvin Consultants Limited for 13,300 million pesetas - 52 million pounds sterling (79.9 million euros). The hotel is scheduled to become officially part of the Sol Meliá portfolio on July, 1999.
Sol Meliá has also announced its intention to make an immediate investment of a further 2,300 million pesetas -9 million pounds sterling (13.8 million euros) - in the renovation of the four-star, centrally-located hotel to adapt its services and facilities to the quality standards of the Meliá hotel brand.
The hotel will be named Meliá The White House and will provide 582 rooms and 140 residential apartments. This purchase of Sol Meliá`s first property in London is another step in the Spanish company`s expansion and diversification strategy, one of the objectives of which is to increase its presence in the major capital cities on the European continent.
The Company`s Vice Chairman, Sebastián Escarrer, explains that “company strategy is primarily based on constant growth through the acquisition of specific hotels and small and medium-sized hotel companies, accompanied by further advances in our hotel management and rental activities”.
He adds that “we are always ready to look at the most attractive opportunities, although we must choose our projects carefully after making the most thorough analysis of future profitability.
This will contribute to us achieving our goals and consolidating Sol Meliá`s position as one of the world`s major hotel companies, a truly global company, particularly strong in Europe and Latin America, and with a hotel portfolio that covers all market segments in both business and leisure travel.”