Netherlands' Largest Hotel Chain, Fletcher Hotels Sold In Management Buyout
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The Netherlands' largest hotel chain, Fletcher Hotels has been sold in a management buyout, the company announced Monday.
The buyout was led by CEO Rob Hermans and CFO Edwin van Heteren, who teamed with equity partners NIBC Bank and Luxembourg's Xead Group.
In addition to its portfolio of more than six dozen hotels, buyers were drawn to Fletcher Hotels' unique business model.
Moving forward, the new owners will look to rely on that business model to expand the brand. They are hoping to grow the portfolio from 73 hotels to 100 in the coming years and are open to expanding within the Netherlands as well as internationally.
Doing so shouldn't be too difficult considering Fletcher Hotels already boasts an impressive reputation, having been voted the country's most popular hotel chain in each of the past six years.
The company, which currently operates nearly 4,000 rooms and employs 2,600 people across the Netherlands, generates revenue of approximately $140 million.
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In a statement, Hermans called the buyout a "great opportunity."
"There will be limited transition for employees and guests as management is very familiar with the business and will continue with its strategy," he added.
Hermans has been with the group for 15 years.
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Founder Chris Luken, who purchased his first hotel nearly two decades ago, called his time with Fletcher Hotels "an exciting phase of my life."
"Having the incumbent management team take on the reins will be the crowning moment."
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