Italy-based Generali becomes indirect shareholder of Continental hotels

Italian insurer Generali has become an indirect shareholder of the Continental hotel chain, controlled by businessman Radu Enache, following a partnership with Czech investment fund PPF, the second largest shareholder of Continental hotels. PPF has transferred 28% of its stake in the hotel chain to a new fund dedicated to investments in Central and Eastern Europe, called PPF Partners, in which the Italian insurance company holds 27.5%, according to data on the company’s website. Hotels in the Continental chain cumulate over 2,000 rooms in all, in two, three, four and five-star hotels, with the chain posting a turnover worth over 27 million euros last year. “PPF has reorganised its portfolio, and PPF Partners is the result of that. I agreed to become a partner of PPF Partners. This brings no change whatsoever to Continental hotels,” Radu Enache said.