Chagala Group Ltd. director and CEO Francisco Parrilla and directors Michael Carter Jr. and Javier del Ser Pérez resigned their positions Oct. 12, following the hotel company's acquisition by Realty Invest Holding LLP.

Per the terms of the agreement, Borko Moric and Bojan Moric will be appointed CEO and COO, respectively, on Oct. 15. Parrilla will remain with the company on a consultancy basis to assist with the transition.