Following the recapitalization, Valamar will have a business share of 24.54% and WB will have a share of 75.46% in the share capital of Valamar A.

The decision comes on the back of the Supervisory Board meeting of the Company on November 23rd, in which it was decided that Valamar A (a subsidiary of the Company in Austria) will after recapitalization, receive a capital increase in the amount of EUR 11.7m.

Following the recapitalization, Valamar will have a business share of 24.54% and WB will have a share of 75.46% in the share capital of Valamar A.
Consequently, a new partnership agreement will be concluded between the members of Valamar A which will regulate mutual relations and changes in accordance with the relevant Austrian regulations.

Hotel Marietta 4* has 120 keys and is one of the largest and most successful hotels in the Obertauern ski resort. It offers its guests a great location within the ski resort and is close to all amenities in the destination. After the finalization of the takeover process, Valamar will manage two hotels in Austria.

Valamar also plans further investments in Austria which will include investments in the repositioning and upgrading of the quality of services in Marietta Hotel as well as Valamar Obertauern Hotel. The completion of the transaction is expected to be met by the end of 2021.