MHP Joins Lifespot Capital AG through a share contribution
On June 6th, 2021, the independent German hotel management platform Munich Hotel Partners GmbH (MHP), who was co-initiated and co-managed by partners of the Munich-based company builder GREENPEAK Partners in line with a buy & build strategy, signed an agreement to contribute all shares to Lifespot Capital AG (LSC). By contributing its shares in MHP to Lifespot based on an equity valuation of €59M, MHP secures access to capital markets and repositions itself for the expected recovery of the German travel industry in 2021. In 2019, the last fiscal year before the COVID-19 pandemic, the MHP hotel group generated revenues of €111.1M and EBT (earnings before income taxes) of €4.7M. For 2020, Corona-related revenues are expected to be approx. €34M with an EBT of €-4M.
Upon completion of the transaction, the managing directors of MHP, Dr. Jörg Frehse, Ralf Selke and Michael Wagner, will join the Management Board of LSC while retaining their functions at MHP. In addition, the supervisory board is newly appointed throughot the next Annual General Meeting.
The MHP Group is one of the leading German hotel providers and has established itself in acquiring existing premium hotels. MHP currently operates four Le Méridien brand hotels in Germany and Austria in Hamburg, Stuttgart, Munich and Vienna, as well as the Sheraton Düsseldorf Airport Hotel. All hotels are operated under franchise agreements with Marriott, the world’s largest hotel group.