Hotei has extended the deadline for selling the Hotel Nomade Madrid to September 10, according to the terms of its public takeover offer. The move comes as part of a broader restructuring plan tied to a bid led by Painwick Projecta, a vehicle majority-owned by Vouching, the firm controlled by Borja Escalada, Hotei’s CEO and majority shareholder.
The offer, launched in June, hinges on three key conditions: selling the hotel for at least 105 million euros, refinancing the JW Marriott property, and distributing dividends totaling over 1.32 euros per share—combining ordinary and extraordinary payouts. The extension reflects delays in securing a buyer while tightening financial safeguards for Hotei. To meet the extended deadline, the buyer has agreed to increase its deposit to 10 million euros, up from 7.5 million euros previously, with an additional 2.5 million euros now serving as further collateral to reinforce the commitment. This adjustment was formalized in documents submitted to BME Growth, showing the heightened stakes for both parties.
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To secure the new deadline, the buyer has agreed to increase its deposit to 10 million euros, up from 7.5 million euros previously. This sum acts as an advance payment, with the full sale price still tied to the hotel’s closing. Shareholders must approve the deal by September 16. The revised terms also introduce stricter penalties, with the new regime specifying that if the sale fails due to the buyer’s fault, Hotei retains the deposit. If the seller’s actions cause the delay, it must return the deposit and pay an additional 10 million euros, while any postponement beyond the new deadline incurs a 1 million euro penalty for the buyer.
The revised terms also introduce stricter penalties. If the sale fails due to the buyer’s fault, Hotei retains the deposit. If the seller’s actions cause the delay, it must return the deposit and pay an additional 10 million euros. Any postponement beyond the new deadline incurs a 1 million euro penalty for the buyer.
Painwick’s bid values Hotei at 371 million euros, offering 3.20 euros per share—a 16% premium over pre-offer trading levels. The price adjusts for dividends paid before the deal’s finalization, ensuring shareholders receive compensation for distributions made during the process. The buyer is backed by Sancus Capital, a firm led by Borja Escalada, with the operation contemplating Hotei’s transition out of its current tax structure as a socimi.
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The extension shows the pressure on Hotei to offload its highest-profile asset while handling financial commitments. For shareholders, the added guarantees may ease concerns, but the 105 million euro threshold remains a hurdle. The September 10 deadline now serves as a final test of whether the sale can proceed without further delays.
Painwick’s bid includes a 64.46% stake in Hotei through Vouching, with Sancus Capital acting as the financial backer. The operation reflects Escalada’s leadership of both Vouching and Sancus Capital, alongside his position as Hotei’s CEO.