SOL MELIA ANNUAL REPORT 00 COMP

COMPANY HISTORY
Just six months later, the US agency Standard & Poor’s granted a credit rating
of BBB+, rating Sol Meliá as the most solvent hotel company in Europe and
allowing much greater capacity to obtain financing on capital markets.
Time for integration: the new Sol Meliá
1998-1999.- A strategic decision is made to reintegrate the hotel management
and property businesses, to further strengthen company growth and
initiate the company’s technological transformation. The integration ended
in 1999 with the take-over of Meliá Inversiones Americanas (MIA) and the
merger with Inmotel Inversiones. The new Sol Meliá became the 12th. largest
hotel group in the world with more than 260 hotels in 27 countries and a
market capitalisation of 382,646 million pesetas (2.300 million euros).
After the creation of the new Sol Meliá, another of the Chairman’s sons,
Gabriel Escarrer Jaume, joined the company as Chief Executive Officer.
He had held the same position with Inmotel Inversiones, a period during
which he brought about an important modernisation and adaptation of the
company to prepare for merger with Sol Meliá, while also initiating an
ambitious and highly successful plan for renovation of the hotel portfolio.
1999.- In 1999, the company added 27 hotels and purchased 34, further
reinforcing and developing its presence in its three key natural markets:
Latin America, the Mediterranean and major European cities. The
investment made in purchases reached 100,623 million pesetas (605
million euros).
Thanks to these investments, the company established a presence in
Europe’s foremost capital cities and business and leisure tourism destinations:
Rome, Paris and London.
S OL
M ELIÁ
A NNUAL R EPORT 2000
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