The entire equity stake of Vienna International Hotel Management has been acquired by Vienna House Capital.
In the months since the contract signing in mid-February, the agreement was prepared for closing, subjected to an antitrust review and confirmed earlier.
Vienna House Capital is the Austrian subsidiary of Thai-owned U City, with headquarters in Vienna.
In addition to the entire equity stake, the acquisition also included seven hotel properties and the operating company for andel’s by Vienna House Cracow, which had been owned by the Warimpex Group and partially by UBM Development.
These properties were incorporated into the Vienna House Group.
The total transaction amounts to approximately €335 million.
All of the acquired hotels were already under management by Vienna House.
U City is a listed Thai commercial property company.
Its largest shareholder is the family-operated BTS Group, one of Thailand’s top publicly listed companies with a market capitalisation of €2.7 billion.
With the family of chairman Keeree Kanjanapas and his son Kavin Kanjanapas, who is chief executive, Vienna House has found a strategic partner who shares the company’s vision for the hotel industry and who supports Vienna House’s business objectives, the company said in a statement.
“The deal will strengthen the capital structure of Vienna House to secure further investments in international growth, in the business architecture and in pioneering services.
“That means that our strategy will focus on growth through management and lease agreements but also through suitable purchases of individual properties or entire portfolios.
“Another strong focus of mine will be on strategic asset management and acquisitions,” explained Rupert Simoner, chief executive, Vienna House.