The German group C&N - CONDOR & NECKERMANN will create a joint venture with three Spanish building societies SA NOSTRA, CAIXAM GALICIA and IBERCAJA in order to extend its activities in the hotel industry in this country. This investment company, whose aim is the acquisition and marketing of luxury hotels mainly in Spain, but also in other countries, will be 40% held by C&N, the three building societies will each hold 20%. Its starting capital will total EUR 22.65 million.