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25th May 2011

Hiperion Turnaround Fund takes the control of “Playa Sol Hotel Group”

Hiperion, a private equity fund specialized on turnaround investments, will manage “Playa Sol Hotel Group”, the main hotel group in Ibiza. Playa Sol manages 50 hotels & more than 10,000 occupancies, employing over 1.500 people. The good location of these establishments on the most touristic areas of Ibiza, coupled with the 15% of the island market share, even more in places like D’ Bossa Beach, make this hotel group a strategic company for Ibicean touristic sector. Thanks to the good prospects for 2011 season, it’s expected to exceed a turnover of 45 million €. Currently 40% of the income come from internet reservations while the 60% remaining are generated in wholesale agencies and tour operators.

Because of the judicial intervention since May 2010, Hiperion has been legally authorized after an eight months period of analyzing and negotiations and had the approval of the main trade unions and creditors thanks to the relevance for the island economy.
This transaction entails a €20M injection of funds for developing the feasibility plan for the next years.

Hiperion will incorporate a new management team that will be headed by Joaquin Sola (an ex member of NH Hotels) and financial and sales department will be reinforced according to the viability plan.

Among the main objectives in the strategic plan, are considered the hotel’s improvements to increase the supply quality as well as employers training. For these reasons Hiperion is thinking of the importance of investing efforts and the introduction of significant changes in the group management, in order to ensure a constant better service and quality improvement.
These changes of the course have just put into action with a whole quality plan and complete makeover, even a new website, www.playasolhotelgroup.com, that expects to intensify the hotel group position in the net.

Hiperión Capital is a Spanish private equity fund focused into turnaround and special investments founded in 2009.

 
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