(Alliance News) - Monrif Spa and its subsidiary Emiliana Grandi Alberghi Srl announced Thursday that the sale of the property owned by Monrif, located in Assago and housing the Hotel Royal Garden, to W Property Investments Srl was finalized.

At the same time, the sale by EGA of the business unit involving the hotel management of the Royal Garden Hotel was finalized.

The sale of the business unit will be effective as of March 1, 2023. This transaction had already been announced by Monrif on November 9 and was subject to conditions precedent usual for these types of transactions, which did not occur. The total price of these divestments amounts to EUR11.6 million, of which EUR11.0 million has already been paid. The remainder of the price will be paid in two equal installments due on December 31, 2023 and December 31, 2024, all on terms usual for transactions of this kind.

The resources forfeited from this transaction will be used for the development of the group's hotel business and in part, to repay a portion of Monrif's short-term bank debt.

Monrif's stock closed Thursday down 1.4 percent at EUR0.05 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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