EasyHotel founder loses fight against fund ‘trying to steal’ his hotel company

EasyHotel founder loses fight against fund ‘trying to steal’ his hotel company
File photo of Sir Stelios Haji-Ioannou. Image:File
Published: 22 August 2019 - 1:15 p.m.
By: Hotelier Middle East Staff
The founder of easyGroup, Sir Stelios Haji-Ioannou, has reportedly lost control of the hotel arm — easyHotel — of his business empire.

The chain currently operates 36 hotels in the U.K, Europe and Middle East.

According to a report by Forbes, Ioannou was in a legal battle with a Canadian pension fund and Luxembourg property investors.

He had battled for the ownership of easyHotel against property fund manager ICAMAP and even accused them of trying to “steal” the listed hotel group, the report read.

Recently, the property fund manager teamed up with the Canadian pension fund Ivanhoe Cambridge for a takeover bid valuing easyHotel at $168 million.

After the two groups teamed up, they gained control of 50% of easyHotel on Wednesday.

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