The American alternative investment fund Angelo Gordon, which manages 50,000 million dollars in credit and real estate strategies, and its ally Westmont Hospitality Group have closed the acquisition of the hotel chain Room Mate, in bankruptcy, after completing its financial restructuring. The Mercantile Court No. 14 of Madrid has approved this Thursday the sale of the productive unit of the hotel company - founded two decades ago by Enrique Sarasola - to the only firm offer in the bid, valued at 57 million euros.
In the transaction, PwC has acted as insolvency administrator, the law firm Kepler-Karst as legal advisor to Room Mate and Clifford Chance for the buyers.
Commitments and litigation
As part of the transaction, Angelo Gordon and Westmont will maintain Room Mate's current workforce of more than 400 employees and will assume almost €40 million of commitments made to lessors, suppliers and customers.
