Spanish Resort Dolce Sitges for Approximately USD $77 million
NJ (June 14, 2006) Dolce International, the company behind
Dolce Sitges, the first Spanish resort designed for conferences, meetings,
incentives and special events has announced that the Irish group Inchydoney
Partnership has acquired the property. Inchydoney Partnership, an Irish
private equity fund specializing in the hotel sector, has acquired 100
per cent stake of the company Dolce Sitges (Med Dolce Sitges S.L.), which
was previously equally controlled by Dolce International and Med Group.
The sale, brokered by Jones Lang LaSalle Hotels, was signed on May 30 for 61 million euros and is the first investment that the Irish group has made in Spain and outside Ireland. As the result of this alliance Dolce International will continue to manage the hotel, resort and conference center under a long term management contract.
The operation is part of Inchydoney Partnership's plan to expand into Europe by investing in first class hotels. According to the firm's chairman Seamus O'Mahony: "In this operation the group sees important potential for growth and considers Barcelona and Spain in general, as a strategic market for medium and long term investment." O'Mahony also stated that: "As we are highly satisfied with the quality of the hotel and with Dolce International's professionalism and enthusiasm, we could well be signing new agreements in the future if the opportunity arises."
Andy Dolce, founder, chairman and managing partner of Dolce International regards this operation as being very positive: "Dolce's vast experience in managing conference centers and hotels, together with Inchydoney's financial experience, could lead to important business ventures. We are continuing with our strategy for growth in Europe and plan to add several properties to our portfolio before the end of the year, while our further plans for Spain are focused on Madrid."
Opening in October 2004, the property has welcomed 55,000 clients and achieved revenues of 12.7 million euros in its first year of business. 2006's forecast is equally positive: January to May 2006 saw more than 27,000 clients with revenues of 7.9 million euros; representing a 68 per cent growth compared to the same period the previous year. According to Francisco José Jiménez, managing director of Dolce Sitges and Dolce International in Spain: "We will close this financial year with revenues of around 19 million euros; meaning that we have experienced a growth rate of more than 50 per cent compared to the last financial period."
About Dolce Sitges
About Dolce International
About Inchydoney Partnership
|Also See:||Dolce Sitges Opens near Barcelona, Spain; Jose Francisco Jimenez the Resort's General Manager / December 2004|
|Dolce International Begins Construction on Spanish Conference Destination in Sitges, Spain / Oct 2002|