
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.
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.
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