Sol Meliá and the Madrid-based TRYP hotel chain have signed an agreement by which the former will acquire all of the shares in
TRYP S.A. for a total of 60,000 million pesetas. The operation will consolidate Sol Meliá's position as the leading Spanish hotel
company, with 201 hotels nation-wide, and significantly increase its portfolio and leadership in the city hotel market.
According to the agreement signed by Sol Meliá's Vice-Chairman, Sebastián Escarrer, the Chairman of TRYP, Antonio Briones and
the Chief Executive Officer of TRYP, Rufino Calero, a payment will be made of 27,000 million pesetas and 13,222,266 Sol Meliá
shares valued at 15 euros per share. TRYP shareholders will thus become owners of approximately 7.2% of the hotel chain's capital
and Rufino Calero will join Sol Meliá's Board of Directors.
It is estimated that the cost savings created by the merger of the two companies will exceed 1,000 million pesetas per year. Sol
Meliá, which currently comprises 275 establishments with over 71,500 rooms, has already signed a further 62 contracts for the
operation of new hotels with 17,464 rooms to be added over the coming months. Likewise, TRYP, which currently operates 60
hotels, has signed contracts for the integration of an additional 15 hotels over the next eighteen months with nearly 4,000 rooms.
Following the incorporation of these 77 additional hotels, Sol Meliá will offer a portfolio of 410 hotels with 102,450 rooms in 32
countries, becoming one of the ten leading hotel chains in the world ranked by number of rooms.
More information: Sol Meliá
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