Brussels, 21 August 2023
The European Commission has approved, under the EU Merger Regulation, the acquisition of: (i) joint control of 12 properties and businesses of Equity Inmuebles S.L (‘Equity’) by Coral Reef E 2023 S.A. (‘Coral Reef’) and Melia Hotels International S.A. (‘MHI’), all three of Spain; (ii) sole control of three Equity properties and businesses by Coral Reef; and (iii) sole control of two Equity properties and businesses by MHI.
Equity owns the real estate of a 17-hotel portfolio spread across the Spanish mainland and the Canary Islands. Coral Reef is an indirect wholly owned subsidiary of the Abu Dhabi Investment Authority, an independent investment institution, and is holding and administrating companies and financial instruments. MHI operates hotels in Asia, Europe, Middle East, Africa, South, Central and North America, and the Caribbean.
The Commission concluded that the proposed acquisition would raise no competition concerns because of its limited impact on the market. The transaction was examined under the simplified merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.11190.
Source – EU Commission