Ora Hotel Update

RNS Number : 0404Q

Brainspark PLC

01 November 2012

 



                                                                                                                                      1 November 2012

Brainspark Plc

("Brainspark" or "the Company")

ORA HOTELS

Brainspark, the AIM quoted international investment company (AIM: BSP), is pleased to announce that its hotel management subsidiary, ORH SpA ("ORH" or "ORA Hotels Group") has signed an advisory agreement to improve the performance of the hotel Vista Palace (www.vistapalacehotel.com), one of the world's most prestigious hotels located in the French Riviera and overlooking Monaco.

The owners of the 70 room hotel plan a EUR 80 million investment to restructure and modernise the hotel over the next three years, to increase capacity, enhance quality of service and highlight the uniqueness of its geographical location.

Brainspark considers this strategic alliance an important opportunity to showcase a business model that provides support for hoteliers with contracts ranging from hotel management, direct management and web franchising.

In addition to this important strategic alliance, Brainspark is pleased to announce that two further European hotels have signed up with the Ora Hotel Group:

In Sicily, following the successful management of the Ora Luxury Catania Grand Hotel Villa Itria, ORH has commenced the direct management of the Hotel Baia Azzurra (50 rooms) in Taormina. Further, the company will shortly be awarded the web franchise for the Boscone Suite Hotel in Madesimo which, with its 71 rooms, will increase the presence of Ora Hotels Group in the mountain region of northern Italy.

Brainspark's strategy for ORH is to be managing over 6,500 rooms around the world by 2016, via direct management under the Ora Hotel brand, formula management, web management and franchise.

Alfredo Villa, CEO of Brainspark commented, "These are exciting developments for Ora Hotels and we expect to cement further similar relationships with equally prestigious hotels around the world in the near future. Today's announcement is a clear indictment of the management skills and industry expertise of the ORH team."

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For further information please contact:

Brainspark plc                                                                                                    [phone]

Alfredo Villa, 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 listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the leisure 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. For further information, please visit, www.brainsparkplc.com

 

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