2 May 2023
BERLIN, Germany (May 2, 2023) - The Berlin-based HR Group (HRG) is continuing its expansion drive with an acquisition of U Global Hospitality Company Limited's shareholdings in Bangkok-based Absolute Hotel Services (AHS). AHS includes hotels under the Eastin Hotels & Resorts, U Hotels & Resorts, Absolute Collection, and Travelodge brands. With more than 37 existing hotels and golf clubs and 34 projects under development in Thailand, Vietnam, Indonesia, India, Hong Kong, and Turkey, the hotel management company is one of the most rapidly growing hotel groups in the Asian region. Further expansions are planned this year in Korea and the Philippines.
With this acquisition, Ruslan Husry, owner of HRG, reaffirms his growth strategy: "With this significant investment in AHS, we are entering the exciting Asian market while strengthening our position as one of the leading multi-brand hotel companies in Europe. Because, in addition to the hotels and projects in Asia, this deal also involves the expansion of the AHS portfolio in Europe."
Already last year - after the Austrian-Thai parent company Lombard Estate Capital and U Global Hospitality Company Limited had decided in advance to sell their ownership shares in the hotel company Vienna House - the course was set for the current partnership.
Jonathan Wigley, CEO & Founder of AHS: "We are delighted to have gained a new shareholder and important partner in HRG. This partnership will create a globally positioned hotel company from East to West and will enable AHS to expand even faster and further. We continue to build on the success of the last 15 years with HRG's support and extensive industry expertise in Europe. The future looks more than promising."
The new AHS shareholder structure thus consists of HRG, Jonathan Wigley, and U Global Hospitality. The company's headquarters will remain in Bangkok.
Rupert Simoner, CEO of Lombard, who was instrumental in bringing this deal to a conclusion, adds: "Both hotel companies share a similar DNA, creative entrepreneurship, and great growth potential. AHS has an excellent team and know-how in Asia, as well as HRG has in Europe – together, we can achieve even more!"
It has been agreed not to disclose the transaction amount. The closing is scheduled for the end of May 2023.
The parties involved would like to thank the international law firm Hogan Lovells Frankfurt, represented by Matthias Jaletzke, for the excellent support and implementation of the process on behalf of HRG and GSK Stockmann, represented by Bernhard Laas, on behalf of U Global Hospitality.