Mubasher: IFA Hotels and Resorts clarified that Starwood Capital Group has purchased a 30% stake in Yotel, in which IFA Hotels is considered one of the major shareholders.
Following this acquisition, Starwood Capital has become a partner with Yotel, with the right to appoint two board members, according to a bourse statement issued on Monday.
The financial position of IFA Hotels and Resorts will not be affected by this investment, IFA Hotels said, clarifying that this acquisition will not also impact the board membership in Yotel.
This statement was disclosed to comment on the news story published by the local newspaper, Al Qabas, on 27 September.
On 26 September, Yotel announced that a fund affiliated with Starwood Capital Group has committed to making a strategic investment of $250 million in Yotel, according to an official statement issued by Yotel.
This investment included acquiring a 30% stake in Yotel as well as investing in real estate takeovers, as YOTEL expands its international scale.
