The Group remains committed to expanding its independent business model. At the same time, it has initiated its separation from Grand Metropolitan Hotels Holding B.V., the Netherlands-based investment holding company jointly owned with the Versorgungswerk der Zahnärztekammer Berlin, or VZB.
Operational focus on hotel management and brands
Grand Metropolitan Hotels generates its operating revenue primarily through hotel management, franchise and affiliation agreements. The Group also develops and acquires proprietary hotel brands and strategic investments, which form the operational core of its activities.
Its portfolio includes TOP INTERNATIONAL Hotels, Voile d’Or Hotels & Resorts, Signature Hotels and Park Avenue Hotels, alongside additional brands and investments. The interests in these brands and the Group’s other investments are held entirely within the Grand Metropolitan Hotels Group.
The Group is also developing digital and artificial intelligence-powered solutions for hotel operations. These technology initiatives are combined with its hotel management, branding and affiliation services to create integrated and scalable solutions for hospitality businesses.
Grand Metropolitan Hotels Holding B.V. formed part of the Group’s former corporate structure and operates as an investment holding company. The Smura Family Holding currently owns approximately 70% of the Dutch company, while VZB holds a minority shareholding.
The Grand Metropolitan Hotels Group itself is owned exclusively by the Smura Family Holding. The Group stated that the ownership and operation of its hotel brands, management services, affiliations and technology activities remain separate from the Dutch investment holding company.
Joint venture separation process initiated
According to Grand Metropolitan Hotels, the joint venture has failed. The Group offered to acquire VZB’s shareholding in Grand Metropolitan Hotels Holding B.V., but the parties did not reach an agreement.
VZB also did not approve a proposed capital increase submitted by Grand Metropolitan Hotels. In addition, VZB declined an offer to acquire Grand Metropolitan Hotels’ shareholding in the investment holding company.
As a result, the Group considers the Dutch company to be blocked on key financing and structural decisions. It said the basis for continuing the joint venture in its current form no longer exists and has therefore initiated the Grand Metropolitan separation process.
Martin R. Smura, Chairman of the Grand Metropolitan Hotels Group, said: “We proposed a commercially sound solution for separating the shareholders. No agreement could be reached regarding the acquisition of VZB’s shareholding, and the proposed capital increase did not receive the required approval. As a result, the investment holding company has, in our view, reached a deadlock. We therefore consider the joint venture to have failed, have initiated the separation process and will continue to develop our operating business independently,” said Martin R. Smura, Chairman of the Grand Metropolitan Hotels Group.
He added: “The Dutch investment holding company represents a clearly defined business case and should not be confused with the Grand Metropolitan Hotels Group as a whole. We are now creating clarity and focusing on the independent development of our Group and its brands.”
Core hotel operations continue independently
The separation applies solely to Grand Metropolitan Hotels Holding B.V. and does not affect the Group’s other business activities. Grand Metropolitan Hotels will continue operating across hotel management, branding, franchising, affiliations, brand development and hospitality technology.
The legal and corporate restructuring of the joint venture will proceed separately from the Group’s operating business under the guidance of appointed legal advisers. Grand Metropolitan Hotels said it would not comment on continuing legal proceedings beyond confirmed procedural developments.
Following the initiation of the Grand Metropolitan separation, the Group will continue developing its independent operating model. Its stated focus remains on expanding its hotel brands, management and affiliation services, franchise activities and digital solutions for the hospitality sector.
