20
101
109
58
43
127
38
158
58
113

hospitality Market News: Spanish Real Estate Intelligence

Bankinter's Socimi Negotiates the Purchase of Hotel Meliá Valencia

18 February 2019 - Expansión

Atom wants to strengthen its portfolio with the acquisition of one of the main hotels in Valencia for €50 million.

Bankinter’s hotel Socimi, Atom, wants to strengthen its portfolio and add the Meliá Valencia (formerly the Hilton Valencia) to its list of assets. The property is one of the main hotels in the city, located on Avenida de las Cortes Valencianas, close to the Palacio de Congresos.

Atom, which made its debut on the Alternative Investment Market (MAB) in November, is holding negotiations with the fund Colony to purchase the 4-star hotel for around €50 million, according to explanations provided by market sources speaking to Expansión. Those same sources state that, although the negotiations are in an advanced stage, no agreement has yet been reached between the parties.

History

The hotel, located in a tower standing more than 110m tall, was officially inaugurated in February 2008 and has had several owners since then. The establishment, which has around 300 rooms and 21 meeting rooms, with the capacity to host up to 875 people, is managed by Meliá.

Colony purchased this asset along with some other Spanish hotels just a year ago from the investor group Continental Property Investment, controlled by the Lebanese businessman Boutros El-Khouri (…).

With this operation, Atom would increase its portfolio, which currently comprises 21 hotels and 5,232 rooms, with a gross value of €485 million. 82% of the hotels in its portfolio are 4-star properties and 60% are holiday establishments (…).

Original story: Expansión (by R. Arroyo, R. Sampedro & A.C. Álvarez)

Translation: Carmel Drake

 
Mabel Capital Purchases the Los Llanos Estate in Estepona for €20M

14 February 2019 - Preferente

Mabel Capital, the investment company owned by Abel Matutes Prats y Manuel Campos in which the sports players Rafa Nadal and Pau Gasol also own stakes, has completed the purchase of Los Llanos estate, on the beachfront in Estepona, spanning almost 40,000 m2, for €20 million. Luxury homes are going to be constructed on the plot, according to La Información.

The owner of the estate was the company Vee Inmuebles Estepona SL, behind which, as the administrator, was the German magnate Uwe Cloppenburg, owner of the retail textile chain Peek & Cloppenburg, who was asking €20 million for the plot in a single payment.

The estate has a buildable surface area of 10,000 m2, therefore, it may be used for single-family homes. The most likely outcome is the construction of luxury apartments on the beachfront in one of the most sought-after and expensive areas of the Costa del Sol.

In March 2018, the investment company owned by Matutes closed one of the most important real estate operations in Portugal. Mabel Capital acquired four buildings in Lisbon, for which it paid more than €74 million, as previously reported by preferente.com

Original story: Preferente (by R.P.)

Translation: Carmel Drake

 
Christie & Co: Hotel Investment Amounted to €4.9bn in Spain in 2018

13 February 2019 - Press Release

According to data available to Christie & Co, total hotel investment in Spain in 2018 amounted to €4,860 million, across a total of 223 transactions (surpassing the 185 transactions registered in 2017). That represents an average price per room of €128,000 and an increase of 24.6% in the total investment volume versus 2017, positioning Spain in second place after the United Kingdom (where investment amounted to £6,500 million), but ahead of Germany for the first time (where €4,000 million was invested).

In terms of investor profile, the report highlights the importance of investment firms as the largest source of capital in 2018, representing 53% of the total investment, with more than €2,560 million (up from 42% in 2017). Hotel companies, with 24% of the total investment figure (vs. 20% in 2017) are in second place, and REIT companies are in third place once again with 15% (vs. 16% in 2017). Furthermore, regarding origin, it is worth noting that investment from domestic players decreased in comparison to the previous year (35% in 2018 vs. 51% in 2017), to be replaced by an increase in US investors (40% in 2018 vs 23% in 2017) and the entrance of new investors from Thailand (8%) and México (4%).

The report also emphasizes how the estimated investment figure was greatly increased by portfolio transactions and significant assets, which represented more than 60% of the investment volume across the whole country. Blackstone, which was the main player in 2017 with the purchase of the HI Partners portfolio (€630 million) was again a protagonist in 2018 with the purchase of 48 hotels from the Hispania REIT portfolio, for €1,900 million.

Likewise, transactions such as the purchase of the Atom Hoteles portfolio, the joining of the Chinese group Gaw Capital and the increase in the stake of Omega Capital in the Hospes hotel chain, the 9 urban hotels in the Silken portfolio acquired by CBRE Global Investment Partners and Pygmalion Capital Advisers LLP, the takeover of NH Hotel Group by Minor International, and the purchase of Hotel Villa Magna by the Mexican REIT RLH Properties for €210m (with a record price per room of €1.4 million) caused the total volume transacted in Spain in 2018 to once again beat all the established standards (...).

Finally, the analysis shows how almost 93% of the transactions carried out in 2018 (vs. 90% in 2017) were concentrated in the same six Spanish regions as in the previous year: the Canary Islands (29.6%), the Balearic Islands (21%), Andalucía (16.5%), the Community of Madrid (12.9%), Cataluña (6.8%) and the Community of Valencia (6.3%). Regarding the average price per room per region, the Canary Islands led the ranking in the resort market, with €140,000 per room, while the Community of Madrid led in the case of urban destinations with an average price of over €200,000 per room.

Original story: Press Release

Translation: Carmel Drake