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HNA positioned to buy Fram and its Framissima properties

2 min reading time

Published on 10/09/15 - Updated on 29/06/23

Framissima Del Rei Majorque Baléares

Majority shareholder of the Spanish NH Hotel Group, HNA continues its shopping spree in Europe's tourism industry as it prepares to take over the tour-operator Fram, which also manages thirty or so hotels-clubs under the brand Framissima.

Present in the air transport sector, airports, tourism and the hotel industry, the Chinese conglomerate HNA, through its brand HNA Hotels & Resorts and the NH Hotel Group, is joining forces with Afat-Selectour to take over the tour operator Fram from its historic shareholders. Fram announced in a press release that "during a Special Works Council [...the group] announced to its representatives that HNA Group and Afat Selectour planned to strengthen its interests with a financial audit." It denies signing any sale, but is confident that the audit will result in a binding offer. An agreement should be reached in the days to come.

The former pride and joy of France's tourism industry, owned by the Colson family and a half sister Marie-Christine Chaubet, Fram could not overcome family quarrels regarding the control and management of the company, failure to adapt to new tour-operating rules, and above all geo-political problems in its key destinations in North Africa.

Once estimated at some €800 million, the company accumulated losses and recovery plans. The sale of many assets, including several Framissima hotels-clubs, made it difficult to resolve the situation, and the need for backing from a more powerful group appeared as the only viable solution.

Two takeover bids face off, that of the major on-line distributor, Karavel Voyages, and that of the Chinese group HNA in association with Afat-Sélectour (for 10% of the investment), the primary principal distributor of Fram products.  €10 million of the €40 million would go to the current shareholders, with the remaining proceeds going to the company's creditors, including social services.

Also read:



  • Jin Jiang International should buy Groupe du Louvre and Louvre Hotels Group
  • Chinese partners: at the top of the list for hotel development
  • The Chinese group HNA takes 30% stake in capital of NH Hoteles




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