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The entire share package of Vienna International Hotelmanagement AG (Vienna House) has been acquired by Vienna House Capital. The contract, which was signed in mid-February, was prepared for closing in recent months, reviewed under competition law and confirmed on May 31, 2017.

Vienna House Capital is the Austrian subsidiary of the Thai company U City PCL (U City) based in Vienna.

In addition to the entire share package, seven hotel properties and the leasing company for andel’s of Vienna House Cracow, which were owned by the Warimpex Group and held by UBM Development AG, were acquired and integrated into the Vienna House Group. The total value of the transaction is approximately EUR 335 million. All acquired hotels were already under the management of Vienna House.

U City is a listed Thai real estate investment company whose majority shareholder, the family-owned BTS Group (BTSG), is one of Thailand’s largest listed companies with a market capitalization of 2.7 billion euros. In the family of Chairman Keeree Kanjanapas and his son Kavin Kanjanapas (CEO), Vienna House has found exactly the right strategic partner who shares the same vision for the hotel industry and supports the business goals of Vienna House.

“For Vienna House, this change means a strengthening of the capital structure to ensure further investment in international growth, corporate development and future-oriented services. This means that our strategy is geared towards growth through management and leasing contracts as well as through suitable acquisitions of individual properties and entire portfolios. I will place a strong focus on strategic asset management and acquisitions,” explains Rupert Simoner, CEO of Vienna House.

As of June 1, 2017, the Management Board consists of Rupert Simoner, Chief Executive Officer, Martin Ykema, Chief Operating Officer, and the new members Johanna Weichselbaumer, Chief Financial Officer, and Daniel Ross, Chief Investment Officer. Weichselbaumer, who has been with the hotel group for more than 25 years, played a key role in the transaction process. Ross, in his dual role as CIO of Vienna House and BTSG, will work with Simoner to further develop the company by investing in the expansion of the portfolio.

The transaction was supported by Credit Suisse on the seller’s side and Ernst & Young on the buyer’s side. Vienna House was also assisted by BDO Austria GmbH. “I have nothing but praise for all the companies involved,” says Simoner, adding: “In particular, Credit Suisse, led by Robert Ehrenhöfer (Director Head Corporate Advisory Austria), did an outstanding job, always with the common goal of bringing the extensive transaction to a successful conclusion with all the companies involved.”