Business
Exxe Group Announces a new MOU worth 10.2 Million Euro of Properties in Bavaria
Exxe Group Announces a new MOU worth 10.2 Million Euro of Properties in Bavaria.
About this update from Exxe Group Inc.
[{"type":"text","content":"\nNEW YORK, Dec. 13, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE-- Exxe Group, Inc (OTC: AXXA), a diversified company focused on synergistic acquisitions in real estate, fintech, Ai, media and financial services announced today the signing of a memorandum of understanding to acquire control of Quantum Leap Hotels(QLH) - a Swiss hotel group that owns and operates several boutique hotels in Germany and Switzerland.  The deal for the three hotels is valued at € 10.2m.  The closing for the properties is expected at the completion of the due diligence during Q1 and Q2 of 2019.\n The following is a listing of the hotel acquisitions:1. Hotel in Northern Bavaria with 59 rooms. This property is brand new and it was built just a few months ago. Located in the very dense industrial area, close to headquarters of famous car manufacturers such as Audi and BMW, this property will be in high demand from business clients of the car’s manufacturer and suppliers. 2. Hotel in Southern Bavaria with 29 rooms. The current owners operate the hotel with low occupancy rate. Once the hotel is taken over, Exxe will increase the rate of occupancy to operate at a full capacity and the yield can be significantly increased. This hotel is primarily used as a conference hotel due to its central location in Germany and good access to motorways. 3. The hotel has 25 rooms and is located in the area of Würzburg in Southern Bavaria. It is located in a historic center and it has high occupancy rate. The hotel went through complete renovation keeping its historic charm. Currently revenues from the three properties is 3.6 mln with EBITA 0.8 mln.  All properties are profitable. Exxe and Quantum Leap Hotels is expected to continue expanding its portfolio over the next few years via acquisitions. In 2019, Exxe Group plans to acquire 10 more hotels as part of its expansion plans. The hotels considered for acquisitions include the properties not only in Bavaria but also in a number of tourist and business travel attractions in Europe. Exxe Group through its network of seasoned relationships has access to a pipeline of off - the - market properties. It gives Exxe a competitive edge to opportunistically prescreen the inventory before it hits the market and scout the best options. EG and QLH structure business succession for the retiring owners of ...