Investment in Ora Hotel Group

RNS Number : 2355C

Brainspark PLC

03 March 2011

 



3 March 2011

Brainspark plc

                                                              ("Brainspark" or "the Company")

Investment in ORH S.r.l.

Brainspark plc (AIM: BSP), a fast growing international investment company, announces that it has completed a contract to invest in ORH S.r.l. ("Ora"), a successful hotel and travel business, which owns the Ora Hotel Group, managing nearly 40 hotels across Italy and around the world, and a medium sized Italian travel operator, called Staff & Co Ltd.

Brainspark has paid EUR 1 million in cash for a 20% stake in Ora. 

During 2010, Ora reported revenues of EUR 25 million and an EBITDA of EUR 750,000. The company was founded in 2006 and runs 18 hotels under direct management, with the remaining hotels run through a fast growing franchise operation.

The Board believes that the acquisition is in-line with Brainspark's strategy as it increases its presence within the leisure industry. Ora will become the management company for the two hotels being planned for development at the Mediapolis theme park complex in northern Italy. The building work for these hotels is expected to commence during Spring 2011 and they are expected to be open to the public within three years.

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For further information please contact:

Brainspark plc                                                                                    [phone]

Alfredo Villa, Chairman and CEO

Arbuthnot Securities                                                                          [phone]

Antonio Bossi / Ed Groome

Leander PR                                                                                       [phone]

Christian Taylor-Wilkinson

About Brainspark Plc

Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the interactive media, leisure, entertainment and financial services sectors mainly in Italy but also other European countries. Its core investment is B'Parks & Leisure, the owner of a site in northern Italy with plans for the development of a large theme park. The company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions.

 

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