Carlson gains majority holding in Rezidor
Tuesday, 20 May, 2010
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US hospitality giant Carlson has raised its interest in the Rezidor Hotel Group to 50.1%.
Securing additional shares in Rezidor is consistent with a strategy by Carlson to increase its investments in the hotel business and expand its hotel portfolio to more than 1,500 properties worldwide by 2015, the company said.
Securing additional shares in Rezidor is consistent with a strategy by Carlson to increase its investments in the hotel business and expand its hotel portfolio to more than 1,500 properties worldwide by 2015, the company said.
Carlson’s relationship with Rezidor dates back to 1994 when the two companies signed a master franchise agreement for the Radisson brand in Europe, the Middle East and Africa.
Subsequent agreements expanded Rezidor’s franchise rights to include the Carlson brands of Country Inns & Suites By Carlson, Park Inn and Regent.
Carlson acquired 25% ownership in Rezidor in 2005, and increased ownership to 35% in 2006, 41.7% in 2007 and 44.4% in 2009.
Rezidor, listed on the Stockholm Stock Exchange since 2006, has seen dramatic growth since signing an original agreement with Carlson.
At that time the company had 29 properties. The Rezidor portfolio has grown to more than 390 hotels with over 84,000 rooms in operation and under development in more than 60 countries in EMEA.
Carlson president Hubert Joly said: "We see great value creation potential in Rezidor, and believe that both companies will benefit from continued collaboration on global brand strategies, enhanced customer offerings, revenue generation and consistent global growth."
Rezidor president and CEO Kurt Ritter said: “Rezidor and Carlson have worked extremely well to grow the business together, and I am pleased by the confidence expressed by Carlson’s investment in the company.”
by Phil Davies
Phil Davies
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