HomeHotelMeliá led the IBEX 35 with the entry of Santander into a...

Meliá led the IBEX 35 with the entry of Santander into a subsidiary

At the close of the session this Tuesday, the shares of Meliá Hotels International skyrocketed by 10.95%, after Banco Santander joined a subsidiary that owns three hotel assets.

Meliá Hotels International led the increases in the IBEX 35 this Tuesday, ending the day at 6.79 euros per share, which represents a rise of 10.95% and a cumulative increase in the year of 13.93%, according to EFE. .

On Monday afternoon, Meliá informed the National Securities Market Commission (CNMV) of the agreement by which the investment vehicle Moon GC&P Investmentsowned by the banking entity, on April 11 will take a minority stake worth 300 million euros in the share capital of a subsidiary company of the Meliá Group, through the creation of new type B shares, of a preferential nature.

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– Meliá will enter Santander into the ownership of three emblematic hotels

The new joint subsidiary will own the hotels ME London (London), Gran Meliá Palacio de Isora (Tenerife) and Meliá Cala Galdana (Minorca). The three assets will continue to be operated by companies of the Meliá Group.

Meliá shares soared almost 11% this Tuesday. Source: Meliá Hotels International.

The analysts of Bankinter They described the agreement as “good news” for Meliá and reiterated their “buy” recommendation, with a target price of 6.99 euros per share.

For their part, Renta4 experts also described as favorable the fact that the group gives up a minority stake in these hotels in an environment like the current one, in which the valuation of the hotels is adequately reflected.

They also remember that Meliá is negotiating other operations to bring in new investors in several hotels, in Mexico and the Dominican Republic, and that they are expected to report an inflow of almost 100 million additional euros before the end of 2024, which, Likewise, they will serve to strengthen the group’s financial position.

Renta4 “overweights” Meliá with a target price of 7.5 euros per share.

Source: Hosteltur

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