Angelo Gordon and Westmont Hospitality Group have bought Spanish hospitality company Room Mate, following the completion of its financial restructuring.
The pair initially invested in Room Mate in April 2022 to support the business and provide it with additional working capital. Room Mate subsequently filed for insolvency at the end of June and a court has now approved the sale of what is being described as the “productive unit” to Angelo Gordon in partnership with Westmont.
As a part of the transaction, Angelo Gordon and Westmont have agreed to maintain Room Mate’s current workforce of over 400 employees and assume nearly €40 million in commitments with lessors, suppliers, and clients.
What they said
Jacopo Burgio, director, Europe real estate at Angelo Gordon, said: “We are pleased to complete this complex transaction, which we believe is reflective of Angelo Gordon’s expertise and ability to execute on challenging yet compelling investment opportunities. Room Mate is a leading hotel brand with a loyal customer base and fantastic team, and we look forward to working closely with Company management and Westmont to capitalize on the significant opportunity for growth and expansion.”
Westmont Hospitality Group said: “We are excited to partner with Angelo Gordon to help Room Mate maximise its full potential. The company has a great product and provides guests with a highly differentiated hotel experience. We believe that it is poised for success as the tourism sector continues to recover throughout Europe and beyond.”