Transilvania Investments Alliance has reported the completion of a share swap transaction with Winners First, a company controlled by the Ciorcilă family, involving the hotel assets ARO Palace and Turism Lotus Felix. The operation marks a strategic restructuring of portfolios in the hospitality sector, consisting of two major stake transfers with a total value of approximately EUR 12.62 million.
In the first stage of the contract, Winners First sold to Transilvania Investments a block of 41.32 million shares in ARO Palace S.A., representing 10.25% of the share capital and voting rights, for the sum of EUR 3.18 million. In parallel, Transilvania Investments and Turism Felix S.A. ceded to Winners First the majority stake of 68.6% in Turism Lotus Felix S.A. (TLF), the equivalent of over 869.14 million shares. The price of this second transaction was set at EUR 9.44 million. Winners First is the entity through which the Ciorcilă family manages the Radisson Blu hotel in Cluj-Napoca, with Horia Ciorcilă being the chairman of the board of directors of Banca Transilvania.
Frequently Asked Questions
What is the total value of the transaction?
The total value of the asset swap between Transilvania Investments and Winners First is approximately EUR 12.62 million.
Which hotel assets were involved in the deal?
The transaction involved the transfer of shares in ARO Palace S.A. and the majority stake in Turism Lotus Felix S.A.
Who controls Winners First?
Winners First is controlled by the Ciorcilă family, who also manage the Radisson Blu hotel in Cluj-Napoca.