Strong growth: HR Group acquires Success Group
More than 20 hotels in Germany and projects in Germany, Austria and Belgium, as well as all employees of Success Hotel Management GmbH have become part of HR Group since the legally effective takeover on 7 July 2022.
"Besides the addition of hotels and projects, I am particularly excited about the experts and competencies within Success Group that will positively complement the company, especially in the area of innovation and digitalisation," said Ruslan Husry, sole owner of HR Group. "I am convinced that synergies will arise on both sides in many places and that we will quickly grow together in partnership to become one big company."
The integration of Success Group and the first mutual acquaintance has already taken place. The coming months will be used to sustainably integrate the Success Group into the structures of the HR Group. The ongoing hotel and restaurant operations will not be affected by this.
"The clear vote of the creditors shows the confidence in our company. We are on the right track and have gained both a new owner and a strong, like-minded partner in the HR Group," says Stephan Kienle, Managing Director and CFO of Success Hotel Management GmbH. Michael Friedrich, Managing Director and CEO of Success Hotel Management GmbH, continues: "The central building block was always to preserve the now approximately 660 jobs. Thanks to the insolvency in self-administration, both the management and the executive board were able to remain fully active and work successfully towards this goal. The insolvency, which lasted just over 5 months, is a testament to the effectiveness and professionalism of the company. Here, as a team, we look forward to fully complementing HR Group's structures to jointly become Europe's leading white label operator."
As a result of the acquisition, HR Group now operates and owns over 100 hotels and projects. Thanks to the acquisition, the franchisor portfolio will also be complemented by IHG, in addition to the already established partners Accor, Vienna House, Wyndham, Hilton, Hyatt, Marriott International, Deutsche Hospitality and Dorint.
With the aim of reorganising the Success Group, Success Hotel Management GmbH filed for insolvency proceedings in self-administration at the Stuttgart District Court at the beginning of the year. The HR Group emerged as the highest bidder from the subsequent bidding process initiated in April and is now the sole shareholder. The insolvency plan, which was accepted by the creditors on 20 May 2022 with only one abstention, was confirmed on 23 June 2022 and has been legally effective since 7 July 2022.
Both parties would like to thank the law firm Menold Bezler on behalf of Success Group and the representatives of the international law firm Hogan Lovells on behalf of HR Group for their successful support during the process.