Hotel chain Fletcher to be bought by Sunday PropTech
Fletcher Hotels, which says it is the largest hotel group in the Netherlands with 170 hotels, has agreed a sale of 100% of the company to the international hotel operator Sunday PropTech.
Fletcher Hotels is being taken over by Sunday PropTech, an international operator and property owner of premium hotels. Fletcher says agreement has been reached on the purchase of 100% of the company from its owner, Egeria, and from Fletcher's management.
Fletcher, founded in 1997, runs three- and four-star hotels in the Netherlands, Germany and Belgium, including on the coast and in cities. About 5,800 people work for the chain. Over the past ten years it has grown through more than sixty acquisitions in the Netherlands and Germany, the company says.
In a statement, Fletcher calls the deal "an important step in the European expansion of Sunday PropTech and its partners".
Sunday PropTech says: "Fletcher has built a strong business and a well-known brand in the Netherlands. We look forward to supporting the next growth phase together with the management team."
Mark Wetzels, senior partner at Egeria, says: "Fletcher is in a strong position today and I am confident that Sunday PropTech and its shareholders are the right partners to help the company grow further."
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Egeria
Egeria is a Dutch private equity firm, an investment company that buys and holds stakes in medium-sized companies, usually with the aim of growing them and later selling them. In this context it is the owner of Fletcher Hotels and is the party selling its shares in the hotel chain. Its role matters because private equity owners of Dutch businesses often decide when and to whom a company is sold.