Fairmont Juan Carlos I Hangs From An Aggressive Investment Banker

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hotel Fairmont Juan Carlos I Hangs from an aggressive investment banker from Barcelona. Five Stars, which is set to reopen for October, is linked Tony Chedroueifounder of Tyrus Capital, The executive has promised the Canadian brand that it will continue to lead the operation, although it has not finalized a purchase or reactivation. resort Avinguda is located at the southern end of the diagonal.

Fairmont Juan Carlos I Barcelona, ​​owned by the Saudi Ben Nasser family / CG . is near

This is what sources in the housing sector tell. They emphasize that the financier “does as he always does: promises a lot and specifies little.” For example, they refer to the salaries of Fairmont employees, which still have about 300 employees on a payroll of about 500, who were listed as salaried. They are affected by a Temporary Employment Regulation File (ERTE) for more than two years and their condition is hopeless, As explained by this medium,

Lehman’s pre-positioned

The negotiators consulted that the former director of the American bank Lehman Brothers The tab is moved in two planes. First, it has positioned itself through “loan agreements and sub-loans and commitment letters from the building’s owner Ben Nassar family.” The “financial, labour, financial, institutional and tourist” Saudis representing the Fairmont are desperately trying to break out of the knot.

After establishing himself as a buyer, the executive has argued with workers’ representatives that “he wants to reopen and pay them, because he has an agreement with the city council.” Just like that, chedroi has ensured that Fairmont will also continue as the operating brand of its only hotel in Spain.

Doubt

However, from the field they warn that “this is not the first time” that it promises similar things that are never executed. “He is a specialist in assets and companies in serious economic problems, and in particular bankruptcy,” he says. Even then, “don’t risk anythingHe makes a lot of promises and always hires good lawyers.”

In the case of the Fairmont, chedroi It may also have taken this direction of controlling risk. “He is still set up in his villa 1,000 meters from London without coming to Barcelona and shutting down operations,” he laments.

a top legal team

Of course, “CIO and CEO” too Tire Trusts a team of top-notch lawyers, “among them who cost 500 Euros an hour”. Advocates represent you before the Executive Council. With what strategy? “He systematically ignores us,” lament the group’s trade unionists. “It’s like they believe we are a group of people who prefer not to work or get paid in black when Barcelona is around tourist boom After a difficult phase of the coronavirus pandemic”, criticizes another employee.

well, the aggression that shows chedroi As a prestige before. “He has promised Saudi to get rid of the problem and in return they will give him a hotel or some other reward as payment.” From the Madrid financial sector, where the investor has carried out other operations, he regrets that the interested party is “the worst of the so-called vulture funds”.

Town Hall, in profile

In this board, people familiar with the talks also emphasize the position of the Barcelona city council. “He owns the land of Juan Carlos I – a concession that expires in 2039 – and doesn’t want more luxury hotels, so he has kept himself in profile,” he explains. Negotiators recall disappointed projects four seasons Feather Deutsche Bank Tower The Passeig de Gràcia, today’s luxury flats, and the Hyatt in Torre Glòries, were transformed into offices.

“Without mentioning the municipal government’s fight for anything to do with cruise ships or the visitor industry,” he says. The situation in the municipality, underscored by the consulted voices, has not made it easy to carry out the operation.

Saudi owned, Canadian managed

it should be remembered that Fairmont Juan Carlos I It is in the wallet of the Saudi Ben Nasser family. property had a personal stake turkish bin naseri, but its sudden death in 2020 spurred its sales, as its descendants are not interested in it. With the pandemic, it resort 25,000 square meters, urban with swimming pool, garden and spa, and exploitation fairmont, was closed. And its workers entered into an ERTE.

They have been dragging this position for more than two years, while some suitors have gone through the campus without purchasing any studies. was one of them Apollo Global Management, which voiced the buyout, but the acquisition was set up. Later, the city council agreed that it would not extend the concession granted on the occasion of the Barcelona Olympic Games and which expires in 2039. As this medium explained, tindaris, a Tyrus real estate fund, is now the main stakeholder in the property. But his man Plenarydhikari doesn’t finish the operation. Tightly lock down the only five-star opulent luxury hotel in Spain.



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