Madrid-based investment firm Stoneshield Capital has acquired a 9.5% stake in Meliá Hotels International, becoming the Mallorca-based hotel firm’s second-largest shareholder.
It is Stoneshield’s first foray into hotel ownership. Its other current investments are in digital infrastructure, residential and student housing, industrial and science innovation. The company's capital and legal entities are based in Luxembourg.
No specific financial information was shared. At press time, Meliá’s shares were trading at €11.44 per share, up slightly from yesterday's closing price before the deal was announced. Meliá’s share price is up approximately 44% year to date. The company's market capitalization at press time was €2.52 billion.
Meliá, which has a global portfolio of 389 hotels and 96,121 rooms — plus a development pipeline of 80 hotels and 17,109 rooms — has been listed on the Spanish Bolsas y Mercados Españoles stock exchange since 1996. It has nine hotel brands, including Gran Meliá, Ne by Meliá, Paradisus by Meliá and Innside by Meliá.
Stoneshield said Juan Pepa, one of its co-founders, has been added to Meliá's board of directors as part of the agreement. According to its news release on the acquisition, Stoneshield's intention is “to act as a long-term reference shareholder, supporting [Meliá's] next phase of value creation through disciplined capital allocation and strategic alignment with management.”
In its first-quarter results, Meliá reported revenue of €460.6 million, a 4.4% increase year over year.
A note accompanying Meliá's first-quarter earnings added that “following the start of the conflict in the Middle East, [Meliá has] observed an increase in bookings, particularly towards Spain, which continues to benefit from its perception as a safe leisure destination.”