Saudi investor for the vacation club
The Saudi Arabian investor Sami Al Angari is the new owner of the six hotels of the Ferienverein. The shareholders of Poscom Ferien Holding AG have approved the sale of the portfolio.
Sami Al Angari is taking over all six hotels as well as the operator organization Ferienverein and intends to make additional investments in the facilities. All 500 jobs are to be retained. He is paying "a fair price in line with the market", according to Poscom Ferien Holding. According to various media reports, the purchase price is CHF 58 million. The sale is to be finalized by the end of April 2018.
Meanwhile, the main creditor Personalvorsorge des Kantons Zürich (BVK) has agreed to a debt waiver and, like Ferienverein, is assuming half of the guarantee risk in the liquidation proceedings.
Ferienverein has four hotels of its own in Switzerland (Arosa, Crans-Montana, Wengen and Sils-Maria) as well as two large resorts on the Costa Brava in Spain and in Sardinia. According to the company, all hotels are generating operating profits, but these are not sufficient to pay interest on the debt capital as required, reduce it and at the same time make the urgently needed renovation investments. The search for an investor therefore began back in 2016. CBRE supported Poscom Ferien Holding as a sales advisor.
The new owner Sami Al Angari is the deputy chairman and CEO of the Saudi Arabian industrial conglomerate AlGihaz Holding. However, the purchase of the vacation club is not through the company, but is a private investment.
