Dubai-controlled KOP buys $250 mln Stein hotels stake
Normal 0 21 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Normál táblázat"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} Singapore-based KOP Capital, controlled by the emirate-owned Dubai Group, will buy a 50% stake in European hotel chain Stein Group for $250 million, and spend about the same amount on new hotels in Asia.
“We have always wanted to acquire an international chain of hotels and resorts, and were looking for a product that we felt was missing from the market. Stein looked like a good strategic fit,” KOP’s managing director Leny Suparman told Reuters in an interview on Wednesday.
Stein Group founder David Stein, who remains as chairman and chief executive following the acquisition, said the company will look at buying smaller luxury hotels of up to 85 rooms in big Asian cities such as Singapore, Beijing, Tokyo and Hong Kong. The firm owns 15 small luxury hotels in European cities including in London, Monte Carlo as well as in Tuscany. (Reuters)
ADVERTISEMENT
Hungarian 'Money Week' Program Reaches 1.5 mln Students
Parliament Negates Mandatory Membership in MOK
Óbuda U Partners With Samsung SDI on EV Battery Course
Service Restarted on Full Length of Metro Line M3
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
