Baraka to Invest Nearly €20 Million to Acquire and Convert the Cinema Ideal into a 4-Star Hotel

8 November 2019 – Baraka is planning to convert the former Cinema Ideal in Alicante into a four-star hotel in a total investment of nearly twenty million euros. The firm is negotiating to buy the property from its current owners for approximately €6 million and to invest another 13 million euros in the renovation.

The firm is looking to convert the asset into a 60-room hotel, including a restaurant, gym and lounge bar. Baraka hopes to inaugurate the hotel in 2022. NH has agreed to operate the unit under its NH Collection brand during a 20-year lease.

Original Story: Alicante Plaza – Raúl Navarro

Adaptation/Translation: Richard D. K. Turner

Millenium Acquires Hotel Meliá Bilbao for €49.2 Million

8 November 2019 – Millenium Hotels has acquired the Meliá hotel in Bilbao for 49.2 million euros, according to note sent to the Alternative Stock Market (MAB).

The hotel is located between the Euskalduna Palace and the Guggenheim, in the Basque Country. The previous owners of the asset included the Riberas family, which controls Gestamp. Meliá will continue to manage the hotel business.

Original Story: Cinco Dias – A. S.

Adaptation/Translation: Richard D. K. Turner

Portobello Capital to Sell Year’s Largest Portfolio of Hotel Assets

8 November 2019 – Portobello Capital is selling the properties where the Blue Sea Hotels & Resorts chain operates for an estimated 230 million euros. The sale, which would be the largest of the year, would separate the properties from Blue Seas’ hotel management business.

The portfolio of properties includes sixteen assets with a total of about 3,300 rooms.

Original Story: El Economista – Alba Brualla / Araceli Muñoz

Adaptation/Translation: Richard D. K. Turner

Residential Construction Falls in Barcelona

8 November 2019 – Crane rentals for construction projects fell by 8% in 2018, according to a new study by CBRE. While the cause of the fall is not clear, construction has primarily fallen in the residential sector. New residential construction projects fell by 4% this year, from 272 last year to 260 in 2019.

The construction of offices, hotels and commercial establishments rose by 37% to 37 projects, while there were another 25 projects involving residences for senior citizens and students.

Original Story: Catalunya Press

Adaptation/Translation: Richard D. K. Turner

Javier Faus Launches the Meridia IV Real Estate Investment Fund

8 November 2019 – Javier Faus, the president of Meridia Capital and the Múrcia-based Círculo de Economía, announced the launch of his fourth investment fund, Meridia IV. The fund will start with an initial investment capital of 250 million euros and is forecast to invest more than 500 million euros in real estate assets during the coming years.

Meridia IV is likely to acquire between 10 and 15 real estate assets, principally offices, industrial warehouses and hotels. Faus added that the fund would focus on Madrid and Barcelona, though he is also slating 10% for investments in Portugal.

Original Story: Economia Digital

Adaptation/Translation: Richard D. K. Turner

Millenium Acquires Asturias Hotel in Madrid from Platinum for €82 Million

1 November 2019 The socimi Millenium has acquired the former Asturias hotel in central Madrid from the Platinum Estates group, which is controlled by the Hong Kong-based investor Harry Mohinani, for €82 million.

Millenium plans to refurbish the hotel and reopen it in 2021 in conjunction with Marriott’s W Hotels brand., The hotel is on the central Madrid square of Canalejas.

The 5-star, 136-room hotel will have furniture inspired by angels’ wings, round beds and bathrooms with transparent walls. The larger rooms will have work areas, dressing rooms and terraces with private jacuzzis.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Boissée Finances to Build a Luxury Hotel in Madrid

1 November 2019 – The French hospitality group Boissée Finances has acquired an office building on Calle Fomento in Madrid from Princeton Investments for €45 million. Boissée plans to subsequently convert the asset into a 155-room luxury hotel.

The building has 10,700 square meters of surface area and is located on the Plaza de Santo Domingo, and is thus quite close to the Gran Vía. The hotel will have a large rooftop pool and terrace, therefore overlooking the Royal Palace and with a good view of the mountains.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner

Alantra Launches Commercial Real Estate Financing Fund

30 October 2019 Alantra is launching a new €100-€150-million real estate financing fund, which will provide loans of between 5 and 25 million euros for real estate projects. The loans would mainly cater to investors in commercial assets, such as offices, the retail sector, hotels, logistics and housing for students and senior citizens. The loans could be used for acquisitions, the refinancing of existing debt, rehabilitation works or repositioning.

Original Story: Expansión

Adaptation/Translation: Richard D. K. Turner

Vogue 84 Acquires the Virgen de los Reyes Hotel in Sevilla

28 October 2019 – Vogue 84, the family office of a Catalan family linked to the textile sector, has acquired the Virgen de los Reyes Hotel in Seville. The hotel was 80% owned by Rosturisport, with the other 20% held by the executive César Arévalo.

The hotel, which was built 42 years ago, is on a 579-square-meter plot of land on Calle Luis Montoto. The 3-star Virgen de los Reyes Hotel has 80 rooms with a total constructed surface area of 4,500 m2. Hoteles Playa currently operates the unit.

Original Story: ABC de Sevilla – María Jesús Pereira

Adaptation/Translation: Richard D. K. Turner

Millenium Hotels in Talks to Acquire the Former Asturias Hotel in Madrid

24 October 2019 – The Millenium Hotels socimi is in the midst of negotiations to acquire the former Asturias hotel on Madrid’s Plaza de Canalejas from the Hong Kong-based fund Platinum. The property, which includes two adjacent buildings with a total area of about 13,000 square meters, is reportedly worth 80 million.

It is believed that Marriott, which intends to open its first Marriott W hotel in Spain’s capital on the site, will invest another €25 million to renovate and tailor the asset to conform to the brand’s exigencies.

The future 5-star hotel will have 136 rooms on seven floors.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner