Sol Meliá Buys The Meliá Confort Azafata Hotel For 762 Million Pesetas

2nd Jun 2000

Sol Meliá and the company Azafata S.A. have reached an agreement by which the hotel company will purchase the Meliá Confort Azafata Hotel in Valencia for 762 million pesetas - 4.58 million euros -. 50% of the purchase has been financed using Sol Meliá stock.

According to the Vice Chairman of Sol Meliá, Sebastián Escarrer, “the purchase of this hotel that we were already managing and in which we had a 10% stake, is basically based on very clear profitability opportunities”. He added that, “the excellent operating results achieved by the hotel in recent years means that the purchase has been made at a multiple of 5 times EBITDA”.

He also added that, “the possibility of financing part of the cost with Sol Meliá stock has allowed us to reach a very beneficial agreement and to increase our assets without having to increase our debt”.

The 4-star Meliá Confort Azafata provides 128 rooms and enjoys an excellent location only 5 minutes from the Exhibition Centre and only 500 metres from Valencia Airport. Modern facilities including 7 meeting rooms for up to 320 guests make the Meliá Confort Azafata an ideal hotel for the widest range of events such as congresses and conventions, and a perfect location for business travellers.

Sol Meliá is the leading hotel company in Spain with 120 hotels all over the country, 5 of them in the province of Valencia: Meliá Confort Azafata, Meliá Rey Don Jaime, Meliá Valencia Palace, Meliá Plaza and Meliá Confort Inglés.




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