AXXA Acquires $28 Million Historic Landmark Castle and 5-Star Hotel Press Release | 12/10/2019
NEW YORK, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Exxe Group, Inc. (OTC PINK: AXXA), a diversified company focused on synergistic acquisitions in real estate, sustainable technology, media, financial services and agribusiness, announced today that Myle-One Beteiligungen AG, a Swiss company and subsidiary of EXXE Group Inc., has acquired a highly sought-after, first class hotel property in Germany for EUR 26 Million (approximately $28 million).
Property Overview
This landmark transaction is of a historic, palatial castle dating back to the 19th century that has served royalty and was extensively renovated and upgraded into a current, 5 star luxury hotel. The castle has been inhabited by many noteworthy residents and guests over the years including the last German Emperor Wilhelm II. Today, the property boasts 50 rooms and suites, spas and wellness facilities, four top tier restaurants, lounges, bars and wine cellars along with breathtaking views of the surrounding landscape, rivers, and vineyards. The property also includes a helicopter landing pad, underground car park, library, chapel and meeting rooms hosting a variety of events. Plus, the hotel is affiliated with one of the world’s largest hotel chains.
Leased since 2018 with a profitable triple net lease, the integration into the Myle-One subsidiary should occur in the next six months, following a rebranding, re-staffing and potential property name change. For 2020, we preliminarily project in excess of $7 million in revenue contribution to Exxe Group, and this number could be higher as additional events are booked onto the calendar.
Crown Jewel
Offering nearly unmatched beauty and luxury, Exxe Group is positioning the hotel as its hotel anchor and flagship hotel property in Europe. Moreover, this acquisition marks a significant milestone on the expansion path of Exxe Group in Europe and especially in Germany, Austria and Switzerland. With a deal structure that includes cash payments and notes in exchange for majority ownership of the assets, this high profile transaction has already generated a pipeline of additional, high-end, potential hotel acquisitions, the first of which we expect to close sometime in the early part of 2020. Other hotels under consideration for acquisition include larger, 5 star properties also affiliated with leading hotel groups.
Eduard Nazmiev, Exxe Group CEO, commented, “This transaction marks the first major hospitality deal for Exxe Group in Europe and accomplishes a number of objectives for the Company. First, it establishes a footprint for the company in this industry but does so with an incomparable luxury, high-end property. Second, the deal puts us on the map and has opened up significant M&A activity for us. As such, we anticipate closing at least one other similar but larger transaction sometime in early 2020. Finally, the deal substantially raises our asset value along with increasing our already healthy cash flow.”
NEW YORK, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Exxe Group, Inc. (OTC PINK: AXXA), a diversified company focused on synergistic acquisitions in real estate, sustainable technology, media, financial services and agribusiness, announced today that Myle-One Beteiligungen AG, a Swiss company and subsidiary of EXXE Group Inc., has acquired a highly sought-after, first class hotel property in Germany for EUR 26 Million (approximately $28 million).
Property Overview
This landmark transaction is of a historic, palatial castle dating back to the 19th century that has served royalty and was extensively renovated and upgraded into a current, 5 star luxury hotel. The castle has been inhabited by many noteworthy residents and guests over the years including the last German Emperor Wilhelm II. Today, the property boasts 50 rooms and suites, spas and wellness facilities, four top tier restaurants, lounges, bars and wine cellars along with breathtaking views of the surrounding landscape, rivers, and vineyards. The property also includes a helicopter landing pad, underground car park, library, chapel and meeting rooms hosting a variety of events. Plus, the hotel is affiliated with one of the world’s largest hotel chains.
Leased since 2018 with a profitable triple net lease, the integration into the Myle-One subsidiary should occur in the next six months, following a rebranding, re-staffing and potential property name change. For 2020, we preliminarily project in excess of $7 million in revenue contribution to Exxe Group, and this number could be higher as additional events are booked onto the calendar.
Crown Jewel
Offering nearly unmatched beauty and luxury, Exxe Group is positioning the hotel as its hotel anchor and flagship hotel property in Europe. Moreover, this acquisition marks a significant milestone on the expansion path of Exxe Group in Europe and especially in Germany, Austria and Switzerland. With a deal structure that includes cash payments and notes in exchange for majority ownership of the assets, this high profile transaction has already generated a pipeline of additional, high-end, potential hotel acquisitions, the first of which we expect to close sometime in the early part of 2020. Other hotels under consideration for acquisition include larger, 5 star properties also affiliated with leading hotel groups.
Eduard Nazmiev, Exxe Group CEO, commented, “This transaction marks the first major hospitality deal for Exxe Group in Europe and accomplishes a number of objectives for the Company. First, it establishes a footprint for the company in this industry but does so with an incomparable luxury, high-end property. Second, the deal puts us on the map and has opened up significant M&A activity for us. As such, we anticipate closing at least one other similar but larger transaction sometime in early 2020. Finally, the deal substantially raises our asset value along with increasing our already healthy cash flow.”
