Updated Thursday, 23 September 2021 – 16:04
The Amancio Lpez chain, with 219 hotels, is considered “strategic” and accepts the conditions of the state company
The president of Hotusa, Amancio LpezEnric FontcubertaEFE
The Sociedad Estatal de Participaciones Industriales (SEPI) has announced the concession of 241 million euros to the hotel group Hotusa in a new operation of the Solvency Fund to Support Strategic Companies. Sepi justifies the injection due to the “strategic” nature of Hotusa as it has 219 hotels and highlights that the company’s bad times are temporary, so it does not use the term rescue at any time to describe the operation. “The crisis caused by the Covid has impacted on the accounts of the group, which, for the first time in its more than 40 years of history, last year they did not show benefits, “says Sepi, providing data that stands in stark contrast to its most controversial operation to date, the rescue of Plus Ultra, which had never made a profit before the pandemic.
The Hotusa group that presides Amancio Lopez, I requested several months ago the support of the Sepi and has accepted that it be channeled “through the granting of a participative loan for the amount of 190 million euros and another ordinary loan of 51 million euros “, according to the statement of the state company dependent on the Ministry of Finance.
The operation is already pending the foreseeable approvals by the Fund Management Council and subsequently by the Council of Ministers.
Sepi assures that “independent advisers have participated in this process, responsible for verifying compliance with the eligibility requirements and analyzing the sufficiency of the measures proposed in the viability plan presented by Hotusa,” although it does not provide the names.
Grupo Hotusa’s hotel division is present in 17 countries and is made up of 219 establishments, 67% of which are located in Spain. He was born in 1977 with only three and is considered one of the success stories of the Spanish hotel sector. Among its brands is Eurostars.
Regarding its tourist services division, it has more than 4,300 associated hotels around the world, of which 1,567 are in Spanish territory. The Group’s turnover at the end of 2019 amounted to 1,268 million euros. Before the pandemic it had 4,085 employees, 72% in Spain.
With Hotusa the number of Sepi operations in the tourism sector grows. It started with Air Europa (475 million), followed by Plus Ultra (53 million) and voris (320 million).
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