Joint venture exit finalised as of 30 June 2026
Following the acquisition of its United Arab Emirates subsidiary by Gravity Capital, Kingstone Capital AG Switzerland has completely withdrawn from the former joint venture structure established with Versorgungswerk der Zahnärzte Berlin (VZB). The Emirati company held a 70.3% stake in Grand Metropolitan Hotels Holding B.V., in the Netherlands, which served as the joint venture’s investment platform.
With effect from 30 June 2026, the directors of the former company, along with the members of its supervisory board, have resigned from their positions. The Dutch structure has also lost the right to use the “Grand Metropolitan” name and now operates under the name Gravity Capital Hospitality.
Gravity Capital takes indirect control of the former joint venture
Through its acquisition of Kingstone Capital UAE, Gravity Capital has indirectly acquired the former 70.3% stake held in Grand Metropolitan Hotels Holding B.V. The deal relates exclusively to this indirect stake and does not affect operations run under the Grand Metropolitan Hotels brand internationally.
Gravity Capital is an internationally active investment company focused on technology-driven businesses, intellectual property, software solutions, and investments in tourism, medicine, real estate and hospitality. As part of this transaction, it has also taken majority stakes in three hospitality technology companies – Genesis AI, Room Hub and Xenios – which have since been brought together under the entity Gravity Hospitality Holding, with a new management team in place.
Grand Metropolitan Hotels regains its strategic independence
For Grand Metropolitan Hotels, the international hotel management and branding group, this exit marks a defining outcome: freed from the joint venture, the group can now devote all its resources to delivering its international growth strategy, without cross-shareholder trade-offs.
Separately from this transaction, Grand Metropolitan 1931 AG, a wholly owned subsidiary of Kingstone Capital AG Switzerland and global holder of the Grand Metropolitan brand rights, has terminated the licence that had allowed the Dutch joint venture to use the Grand Metropolitan Hotels brand. It remains to be determined how the new shareholders will organise future funding for the former joint venture, which until now had been financed exclusively by Kingstone Capital Switzerland owing to VZB’s financial difficulties.
“When we set up the joint venture, we were confident that we had found a reliable, long-term partner in VZB. However, events over recent months have shown that it was no longer possible to continue this partnership,” said Martin R. Smura, founder of the Grand Metropolitan Hotels group.
According to the group, the joint venture had been at a prolonged impasse after several proposals put forward by shareholders failed, including cross-buyouts of stakes and a planned capital increase. Several important corporate resolutions were also unable to be implemented during this period.
“We sincerely regret this situation. Our shared aim was to build and grow this investment over the long term. However, once it became clear that there was no longer a viable basis for cooperation, separation became the only logical outcome,” added Martin R. Smura.
An “asset-light” model reaffirmed
With the transaction now complete, Grand Metropolitan Hotels considers the separation from the former joint venture structure closed and is fully focused on continuing its international development in hotel management and branding. The group remains committed to its “asset-light” strategy, centred on hotel management, brand strategy, franchising, partnerships and digital solutions for hospitality.
The group’s future growth will continue to be underpinned by strategic investment from Kingstone Capital Holding AG (Switzerland), which remains a cornerstone shareholder of Grand Metropolitan Hotels outside any former joint venture structure.
New acquisition expected in September 2026
Alongside this shareholding clarification, Grand Metropolitan Hotels is pressing ahead with the next stage of its international development. The group is currently in exclusive negotiations to acquire another company in the hotel affiliation sector, with an announcement expected in September 2026.
The group’s brand portfolio includes TOP INTERNATIONAL Hotels, Voile d’Or Hotels & Resorts, Signature Hotels, Park Avenue Hotels, Grand Metropolitan Hotels and Private Selection Hotels. Grand Metropolitan Hotels is wholly owned by Kingstone Capital AG Switzerland, the group’s family holding company.
At a Glance
Grand Metropolitan Hotels – Kingstone Capital exits VZB joint venture
Transaction finalised June 30, 2026: Gravity Capital Hong Kong acquires Kingstone Capital’s UAE subsidiary
Former stake affected: 70.3% in Grand Metropolitan Hotels Holding B.V. (Netherlands)
Former JV entity renamed Gravity Capital Hospitality; brand licence revoked
Gravity Capital also acquired majority stakes in Genesis AI, Room Hub and Xenios, now under Gravity Hospitality Holding
Kingstone Capital AG Switzerland remains GMH’s 100% parent and strategic investor
New hospitality affiliation acquisition expected to be announced in September 2026
