MEININGER Hotels appoints new CEO and CFO
6 May 2020
MEININGER Hotels has announced the appointment of Ajit Menon as Interim Chief Executive Officer, following the departure of former CEO, Hannes Spanring; and Andrew Scott as Chief Financial Officer.
Ajit Menon has many years’ experience in senior leadership roles in various banking and financial institutions, with an impressive track record of delivering growth and value. He has been serving as CEO of Holidaybreak since September 2019, prior to which he spent six years as Deputy CEO. He has served as a member of the Board of MEININGER Hotels since June 2015.
Andrew Scott joined MEININGER Hotels in February 2020 and has extensive experience in financing, rigorous capital allocation and business transformation, gained through senior roles at global financial and professional services organisations. He has held leadership roles across private equity and public companies, including his most recent position as CFO for the Resort Group, a privately-owned developer and operator of upscale hotel resorts. He also brings experience from Travelex and Hilton Group PLC (Ladbrokes) and trained as a chartered accountant with Arthur Andersen & Co.
“MEININGER Hotels is well-positioned to meet the challenges of the current situation and has the full support of its shareholder SSG Capital. MEININGER Hotels and its subsidiaries currently have no bank debt. The Group is seeking to further strengthen its balance sheet by raising funds from its shareholders and banks over the next few weeks. As we continue to monitor developments in all the countries in which we operate, MEININGER Hotels is actively engaged with its employees, partners, landlords and government agencies in all our markets. Our unique model built on resilience and flexibility allows us to respond to dynamic conditions and adapt further to meet changing market needs to ensure MEININGER’s future success,” Menon said.
About MEININGER Hotels:
MEININGER is a unique hotel product that combines the service and comfort of an international budget hotel with extra facilities, such as a guest kitchen and a games zone. The central location, high-quality furnishings and fair prices appeal to people of all ages and backgrounds. With the right dose of MEININGER humour and an enthusiastic team, MEININGER hotels, with their guests from all over the world, become a real home away from home.
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