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01.09.2014 10:52
Press releases

Insolvency administrator has successfully sold the Jasmar Resort Rügen to Precise Hotel Collection


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  • New owner takes over the hotel and the operative business as of September 1st, 2014
  • Hotel property, that now operates under the name “Precise Resort Rügen”, offers vast development and extension potential
  • Insolvency administrator Rosenkranz: “Creditors’ interests were met, none of the employees were dismissed and the sold object has a strong financial position”


Rügen/Stralsund, September 1st, 2014

 

The insolvency administrator of Jasmar Resort, Ulrich Rosenkranz from the firm Henningsmeier Lawyers, successfully completed the investor search process by selling the assets to the Precise Hotel Collection group.  The employees have been informed that starting from the 1st of September, 2014 the hotel property is operating under the name “Precise Resort Rügen”.

 

”The final result fully reflects the interests of the creditors”, says Rosenkranz, summing up the reorganisation process that took place in the last couple of months. “The investor is taking over a property with a strong financial position and an experienced as well as motivated team. In the end, none of the employees had to be dismissed throughout the restructuring process”.

 

Altogether six four-star hotels and one five-star hotel are currently operated under the “Precise Hotel Collection” brand in Germany and in Spain. The hotel group founded and owned by Ron Benhaim operates Wyndham Garden Hotels in Bad Kissingen, Bad Malente, Donaueschingen and Quedlinburg, Tryp by Wyndham Hotels in Stadtoldendorf/Weserbergland and Leipzig, Precise Resort Rügen in the northern part of the Jasmar island as well as Precise Golf & Beach Resort El Rompido in Huelva (Andalusia/Spain).

 

The hotel manager Werner Kutter refers to the vast development and extension potential on the acquired premises, which will clearly be utilised by the new owner. He is also thankful to everyone that participated in the process over the last six months for their support, expertise and understanding.

 

The manor of Gut Neddesitz, once inhabited by an industrial family named Gierke, has been the centre of the Jasmar Resort since 1998.  The management of the resort applied for the opening of insolvency proceedings on February 28th, 2014 due to illiquidity and Ulrich Rosenkranz was appointed as the insolvency administrator by the local district court in Stralsund on May 1st, 2014.

 

Advantum Corporate Finance worked as the exclusive M&A-advisor for the insolvency administrator and the real estate holdings on the sale of the operative business and the hotel property as well as a portfolio of more than 80 holiday apartments. Moreover, before the transaction process begun, an associated business unit - Paul & Collegen (PuC) - provided support to the management and the holding companies.

 

Following the takeover of the Bristol Hotel in 2007 (currently operating as Wyndham Garden Bad Kissingen), this is the second transaction that has been completed with the Precise Hotel Collection investor group. Furthermore, the completed transactions of Hamburg’s Intercontinental Hotel and Snow Fun Park Wittenburg as well as the ongoing sale of Schlosshotel Hohenbocka point out Advantum Corporate Finance’s strong position as an M&A-advisor in the hotel and leisure property markets.