5/18/2016, 6:30 PM (Source: TeleTrader)
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EC clears Starwood Capital, Banco de Sabadell joint hotel venture

The European Commission (EC) has approved the creation of a joint venture by Starwood Capital Group of the United States of America and Banco de Sabadell of Spain.

The joint venture is planned to invest in and then operate urban and vacation hotels in Spain. The Commission concluded that the proposed transaction, under the EU Merger Regulation, would raise no competition concerns because of its very limited impact on the market structure.

Starwood Capital Group is an investment company with a core focus on global real estate. Shares of Starwood Hotels & Resources Worldwide, the umbrella corporation, last traded down 1.56% at $73.19 by 6:26 p.m. CET.

Spanish Banco de Sabadell SA offers banking services to retail and business clients. Through its subsidiary HIP its operates hotels and offers real estate services in Spain. Its shares rose 1.64% to close at €1.55 on Wednesday.


Image: EPA / How Hwee Young

Baha Breaking News (BBN) / ZR