Ora Hotel Update

RNS Number : 5475O

Brainspark PLC

12 October 2012

 



                                                                                                                                          12 October 2012

Brainspark Plc

("Brainspark" or "the Company")

UPDATE ON ORA HOTELS

Brainspark, the AIM quoted international investment company, is pleased to update shareholders with ORH SpA's ("ORH" or "ORA Hotels Group") expansion programme.

ORH continues its expansion programme following its acquisition of the brands Alba Tour and Un Altro Sole in the summer. ORH forecasts a turnover of EUR 60 million in 2012 and EUR 80 million in 2013. A total of 300 new rooms will be offered to guests in 2013 through its long-haul division, providing new locations, including Mozambique, where it will shortly open a new 102 room luxury hotel.

ORH's focus on long haul is cemented by its long-established and successful operator, My Africa. Together with Alba Tour and Un Altro Sole, the long-haul division provides more destinations and more hotels than any other Italian travel company, together with guaranteed low-cost flights through its partner airline, Meridiana Fly (Air Italy).

Cesare Suglia, CEO of Brainspark and CFO of ORH commented, "Our aim is to consolidate the Italian long-haul market by gaining greater access to new desinations and hotels and therefore we do not rule out further acquisitions in the travel operator sector."

In Italy and Europe, Ora Hotel Group is present through its Experience Europe brand, which currently manages eight hotels and has recently commenced a programme of development to acquire four new hotels before the end of the year.

Finally, on 10 October, ORH signed a new contract to take control of three Raouf Hotels, totalling 734 rooms, in Sharm el Sheik, Egypt, which adds a very popular new destination to its rostra. The company expects this new operation to contribute an additonal EUR 500,000 net profit to ORH in 2013.

-ends-

For further information please contact:

Brainspark plc                                                                                                    [phone]

Alfredo Villa, Executive Chairman

Cesar Suglia, CEO

Westhouse Securities (Nominated Adviser and Broker)                          [phone]

Antonio Bossi

Jonathan Haines

Leander (Financial PR)                                                                             [phone]

Christian Taylor-Wilkinson

About Brainspark

Brainspark plc (AIM: BSP) is an AIM quoted investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the leisure, entertainment and real estate sectors mainly in Italy but also other European countries. 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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