Funds managed by U.S. investment groups Soros Fund Management and Tao Capital Partners have acquired Atlantica Hotels International, the largest privately held hotel company in Brazil, through a recapitalization for an undisclosed amount.
Soros’ Quantum Strategic Partners and Tao Invest have completed the transaction with Paul Sistare, founder and CEO of Atlantica.
As part of the recapitalization transaction, industry veteran Doug Geoga, a former CEO with Hyatt, has joined the investor group and will become Atlantica’s new chairman to assist the company’s ongoing expansion. Sistare will continue in his leadership role as the president and CEO, and Christer Holtze, former senior vice president of operations, has been promoted to Atlantica’s chief operating officer.
“This is a positive move for our clients, employees and business,” Sistare said. “We are delighted to partner with Soros and Tao, all long-term-focused investors with strong track records of supporting growth companies. Our plans for growth remain in place.”
Three additional non-executive directors are set to join Atlantica’s board, including Waldemar Szlezak and Joshua Ho-Walker of Soros and Matt Bigliardi of Tao. Juan Carlos Duque of Capital Workshop also has been retained as a consultant to facilitate achievement of Atlantica’s growth objectives.
“With demand for quality hotel operations and management solutions growing rapidly, Atlantica has a unique opportunity to be the premier service provider in the market,” Geoga added.