De Vere shareholders have given the green light for the company's sale to Alternative Hotel Group (AHG) for 875p per share.
At an Extraordinary General Meeting today, 95% of shareholders approved the move, which will see AHG take over 19 De Vere hotels, 155 timeshare lodges and 16 Village hotels and leisure clubs.
The deal will complete on 5 September, the day after De Vere shares stop trading.
At the same meeting, 96% of shareholders approved the sale of the De Vere hotel property at Carden Park, near Chester, for an undisclosed price to former non-executive director Stephen Morgan.
De Vere will operate the hotel under a 20-year sale-and-manage back deal.
AHG, which also owns Verve Venues (formerly Initial Style Conferences), was set up by the directors of Marylebone Warwick Balfour, owner of the Malmaison and Hotel du Vin hotel chains.
By Tom Bill
What De Vere did next>>
AHG tables higher offer for De Vere>>
Initial Style Conferences rebrands as Verve Venues>>
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