Nombramientos

🏖️ On November 19, Carlos Mazón, President of the Generalitat Valenciana, dismissed Nuria Montes as the regional Minister of Innovation, Industry, Trade and Tourism due to critiques over DANA management. Montes, who took office in 2023, will be succeeded by Marián Cano, Avecal's president since 2015. Blockchain technology, highlighted by Albert Pérez Llanos and Gian Franco Mercado, aims to enhance efficiency and transparency in tourism distribution through smart contracts. Miguel Reynés, CIO of Riu Hotels & Resorts, notes the integration of AI in urban hotel brands, emphasizing a balanced approach and attraction of tech-savvy talent.

📈 Cinven, CPPIB, and EQT, owners of HBX Group which includes Hotelbeds, plan to take the company public by June, offering a minority stake post-capital increase to cut debt. HBX's debt is five times its EBITDA, while public firms typically range between two and three times. Fiscal year October 2022 to September 2023 saw a 51% increase in revenue to €656 million and an EBITDA of €356 million, over 50% gross margin. The IPO could raise €750 to €1,250 million depending on market interest, attracting long-term investors like Vanguard, Fidelity, or BlackRock. Advisors for the IPO include Evercore, Bank of America, and others.

💰 HBX Group plans to go public in the first half of 2025, targeting a public offering amount between 750 million and 1.250 billion euros, with specific capital percentage yet to be determined. Throughout 2024, the company, backed by Cinven, EQT, and CPPIB, prepared for the IPO with internal changes, including appointing Xabier Zabala (COO), Javier Cabrerizo (CSTO), and Brendan Brennan (CFO) to its executive committee. Evercore serves as financial advisor, while Bank of America, Citi, and Morgan Stanley are global coordinators. The IPO will include both a public subscription offer (OPS) and a public sale offer (OPV), with final details under discussion with CNMV.

📌 Carlos Mazón, President of the Generalitat Valenciana, dismissed Nuria Montes from her position as counselor of Innovation, Industry, Commerce, and Tourism, appointing Marián Cano as her replacement. Cano has been the executive president of the Valencian Association of Footwear Entrepreneurs (Avecal) since 2015. Montes, who served as the general secretary of Hosbec from 1995 to 2023, faced criticism for insensitive remarks regarding the deceased's relatives during a morgue incident. She later apologized. Under her management, the Generalitat highlights the record number of tourist visits and spending achieved in 2024, the approval of the Tourist Housing Decree Law, and the removal of the tourist tax.

📝 Palladium Hotel Group, a founding member of the Federación Empresarial Hotelera de Ibiza y Formentera (Fehif), will leave the federation on December 31st due to disagreements with its approaches and lack of desired changes. Palladium's Jose Luis Benítez criticized the federation's work and direction, especially after the election of the new president, Maria Costa Roig. Two years ago, Palladium requested improvements, such as increased fees for better visibility, modernization, and communication enhancements. Despite their departure, Palladium wishes success to Fehif and doesn't rule out rejoining in the future if changes are implemented.

💰 Begoña Gómez, wife of the Spanish Prime Minister, faced 20 questions from the Popular Party (PP) during her appearance at the Madrid Assembly, focusing on her relationship with Javier Hidalgo, ex-CEO of Globalia, and her travel to Russia for the OMT summit in September 2019. The PP inquired about the funding of her chair at the Complutense University, potential business opportunities with Globalia, and the specifics of her meetings with Hidalgo and Víctor de Aldama. Gómez declined to answer all questions, and she is scheduled to appear in court again in the coming weeks related to her chair.

📌 Carlos Mazón, President of the Generalitat Valenciana, is set to announce the dismissal of Nuria Montes, current Minister of Innovation, Industry, Commerce and Tourism, alongside Salomé Pradas, head of Interior, on Friday. This move is part of a government restructuring aimed at reconstructing areas devastated by the DANA. A new vice presidency for reconstruction will be established to coordinate infrastructure, economy, environment, and emergency efforts. Montes, criticized for her lack of empathy towards victims' families, had previously served as general secretary of Hosbec since 1995, leaving in 2023.

🏦 Millenium Hospitality Real Estate agreed with Sancus Capital for a potential shareholder inclusion and strategy involvement, proposing Borja Escalada as CEO. Sancus Capital to acquire up to 10% of MHRE capital and channel luxury hotel sector operations through MHRE. Borja Escalada, with vast assets management experience, previously multiplied RLH Properties' value post-IPO. Luis Basagoiti remains non-executive President. The alliance aims to make MHRE a reference in European luxury hospitality, increasing shareholder value.

🚀 IAG, which includes Iberia, Vueling, British Airways, and Aer Lingus, saw its market value plummet in March 2020 due to COVID-19. Luis Gallego took over as CEO in September 2020 amid the pandemic. On a Friday, IAG reported a 7% surge in stock prices following the announcement of summer economic results, with a 15% increase in profits from 1.67 to 2 billion, and launched an immediate share buyback. Despite progress, IAG's value still trails 2019 levels and the company grapples with pandemic-induced debt.

🏖️ Natalia Bayona, Executive Director at UN Tourism since 2016, anticipates a 3% growth above 2019 pre-pandemic figures by the end of 2024. Europe leads with 54% of international tourism, with exceptional growth seen in the Middle East, specifically Qatar post-FIFA World Cup 2022, and Saudi Arabia. Notable rises in tourism in Latin America include El Salvador at over 30% and Colombia at 24%. Asia-Pacific shows recovery, with China enacting new visa policies. Protests for sustainable tourism models and the importance of education are highlighted. The sector employs many young people, with 54% of the workforce being women, yet they are underrepresented in leadership roles. UN Tourism pushes for education reforms, including incorporating tourism in school curricula and offering 2,000 online scholarships in 2024.