Times Online - November 11, 2005
Club Mediterrane has agreed to a 100 million euro sale leaseback of four resort hotels with Heron International. The off-market deal was brokered by CB Richard Ellis. The properties are located in the prime holiday destinations of Val Thorens and Tignes Val Claret in the French Alps, Cadiz in southern Spain and Sicily. The hotels incorporate a total of 1,318 rooms with an average occupancy rate of over 90 percent. The sites each have land for further development and each of the properties are on long leases with annual indexation.
Gerald Ronson, chief executive of Heron, said that the properties were a valuable addition to the company's expanding European leisure portfolio. Heron has concentrated on developing giant leisure and entertainment centres in Europe, under the brand Heron City.
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