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Grand Metropolitan Hotels has declared its joint venture with a German pension fund has failed, following a deadlock over financing and structural decisions.
The hotel group will end its partnership with the Berlin dentists’ pension fund, Versorgungswerk der Zahnärztekammer Berlin (VZB). The separation relates solely to Grand Metropolitan Hotels Holding BV, which the group considers blocked in key financing and structural decisions.
The Smura Family Holding owns 70% of the joint venture, while VZB holds the remaining 30%. Grand Metropolitan Hotels is exclusively owned by the Smura Family Holding. The group’s independent brands, including Top International Hotels and Voile d’Or Hotels and Resorts, remain entirely within the main group and are unaffected by the split.
The group revealed plans to focus on its core operating business, including hotel management, franchising and developing digital and AI solutions for the hospitality industry.
The decision to separate follows failed negotiations. Grand Metropolitan Hotels offered to buy out VZB’s shareholding, but the parties reached no agreement. VZB subsequently blocked a proposed capital increase and declined an offer to buy out the Smura family’s stake.
Legal advisers will now oversee the restructuring of the joint venture. The group said it would not comment further on the ongoing legal proceedings.
Martin Smura, chairman of the Grand Metropolitan Hotels Group, said: “We proposed a commercially sound solution for separating the shareholders. No agreement could be reached regarding the acquisition of VZB’s shareholding, and the proposed capital increase did not receive the required approval. As a result, the investment holding company has, in our view, reached a deadlock. We therefore consider the joint venture to have failed, have initiated the separation process and will continue to develop our operating business independently.
“The Dutch investment holding company represents a clearly defined business case and should not be confused with the Grand Metropolitan Hotels Group as a whole. We are now creating clarity and focusing on the independent development of our Group and its brands.”
Grand Metropolitan Hotels has declared its joint venture with a German pension fund has failed, following a deadlock over financing and structural decisions.
The hotel group will end its partnership with the Berlin dentists’ pension fund, Versorgungswerk der Zahnärztekammer Berlin (VZB). The separation relates solely to Grand Metropolitan Hotels Holding BV, which the group considers blocked in key financing and structural decisions.
The Smura Family Holding owns 70% of the joint venture, while VZB holds the remaining 30%. Grand Metropolitan Hotels is exclusively owned by the Smura Family Holding. The group’s independent brands, including Top International Hotels and Voile d’Or Hotels and Resorts, remain entirely within the main group and are unaffected by the split.
The group revealed plans to focus on its core operating business, including hotel management, franchising and developing digital and AI solutions for the hospitality industry.
The decision to separate follows failed negotiations. Grand Metropolitan Hotels offered to buy out VZB’s shareholding, but the parties reached no agreement. VZB subsequently blocked a proposed capital increase and declined an offer to buy out the Smura family’s stake.
Legal advisers will now oversee the restructuring of the joint venture. The group said it would not comment further on the ongoing legal proceedings.
Martin Smura, chairman of the Grand Metropolitan Hotels Group, said: “We proposed a commercially sound solution for separating the shareholders. No agreement could be reached regarding the acquisition of VZB’s shareholding, and the proposed capital increase did not receive the required approval. As a result, the investment holding company has, in our view, reached a deadlock. We therefore consider the joint venture to have failed, have initiated the separation process and will continue to develop our operating business independently.
“The Dutch investment holding company represents a clearly defined business case and should not be confused with the Grand Metropolitan Hotels Group as a whole. We are now creating clarity and focusing on the independent development of our Group and its brands.”
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The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution
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