Sunday PropTech takes over Fletcher Hotels
The Indian hotel investor is buying all the shares, but the price and completion date have not been disclosed.
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Sunday PropTech has reached an agreement to acquire Fletcher Hotels. The transaction covers all shares in the Dutch hotel group, which according to the companies involved operates in the Netherlands, Belgium and Germany.
The acquisition was announced on Monday. Sunday PropTech is buying Fletcher from investment company Egeria and Fletcher’s management. According to the companies involved, the transaction still needs to be completed subject to customary conditions; no purchase price has been published.
According to the companies involved, Fletcher comprises 170 hotels and has approximately 5,800 employees. According to the companies involved, 130 of those hotels operate under the Fletcher brand and 40 under partner formulas. The group is primarily active in the mid-market and upper-mid-market segments of the hotel industry.
Sunday PropTech is backed by the Indian Prism group, the parent company of OYO. The company focuses on hotel investments, property acquisitions and the management of hotel brands. It says it already has operations in several countries and is further expanding its position in Europe.
According to the buyer, the current management will remain involved. Sunday PropTech says it wants to develop Fletcher further through investment, technology and active management of the hotel portfolio. The buyer gives no specific investment amounts or plans to change the names of the hotels.
The deal is part of a broader consolidation of the European hotel market, but its precise effects on employees, guests and individual hotels cannot yet be established. It is also unclear whether the acquisition will lead to changes in rates, operations or property ownership.
Egeria said that during its ownership it had invested in Fletcher’s organisation, property and technology. The seller’s statement gives no financial details about those investments or the sale.
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The main details of the acquisition and the company’s size are confirmed by two recent public sources. Unknown financial and operational consequences have been presented as uncertain.
- confirmed Sunday PropTech is buying all shares in Fletcher Hotels from Egeria and its management. — Confirmed by Tageskarte and NL Times. source
- confirmed Fletcher comprises 170 hotels and has approximately 5,800 employees. — Mentioned in both sources consulted. source
- confirmed The purchase price and completion date have not been disclosed. — Tageskarte reports that both details are missing. source
Editor's note
The acquisition and Fletcher’s size have been confirmed. The purchase price, completion date and consequences for operations are not known.Sources
More on this in Dutch media
- de Volkskrant — „fletcher hotels”
- NU.nl — „fletcher hotels”
- De Telegraaf — „fletcher hotels”