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

Bouygues to Build New Hotel in Nervión in Seville

21 October 2019 – The municipal government in Seville has granted the necessary permits and approvals for the French construction giant Bouygues to build a new hotel in the neighbourhood of Nervión in Seville. The building, located at Avenida de la Buhaira 2, was formerly occupied by offices of the multinational Abengoa. Bouygues Inmobiliaria acquired the asset, which had been unoccupied for a decade, for 17.5 million euros.

The French group now plans to invest €8,175,000 in the redevelopment, resulting in a three-star hotel. The new, 128-room unit will have five above-ground floors and four below-ground floors with 139 parking spaces. The plot of land has an irregular shape and a constructed surface area of ​​15,387 square meters, facing the streets of Luis Montoto and Blanco White.

Original Story: Diário de Sevilla – Manuel Ruesga

Photo: Juan Carlos Vázquez

Adaptation/Translation: Richard D. K. Turner

The Lack of a Spanish Government Halts Aena’s Real Estate Ambitions

14 October 2019 The airport operator Aena has yet to get approval to go ahead with construction on two residential developments around Madrid-Barajas and Barcelona-El Prat due to the lack of a political agreement to form a new Spanish government. The firm had hoped to start the works in Madrid and Barcelona this year. However, the plots of land are still untouched.

Aena’s project in Madrid will occupy around 200,000 square meters of land in a total investment forecast at €2.997 billion over the next 40 years. Existing plans divide the space into four areas: a logistics hub, airport services, an aeronautical maintenance centre and leisure areas.

In Barcelona, ​​the 300,000 square meter area will have a total investment of €1.264 billion. The project will try to attract technology companies and logistics platforms as well as hotels, restaurants and offices to service the airport.

Funds that invest in the airport operator have been pushing the government to install an independent CEO, separate from any governmental changes, to facilitate work.

Original Story: Economía Digital – Carles Huguet

Adaptation/Translation: Richard D. K. Turner

FTI Group to Convert Former Stella Canaris into Major Eco-Resort

14 October 2019 The Pájara City Council granted the FTI Group authorisation to start the renovation and conversion of the six hotels that make up the former Stella Canarias complex in ​​Solana Matorral, the Canary Islands. The FTI Group will invest approximately 200 million euros in converting the 4,000-bed complex into an eco-resort while creating some 600 jobs in the process. The needed infusion of capital into the island’s economy and its municipal coffers comes after the area has taken a series of hard hits, including the bankruptcies of Thomas Cook, Air Berlin and Germania Wings.

The municipal permits give the FTI Group twelve months to begin the construction though the firm announced that it would already begin in 2020. The FTI Group plans on turning former Stella Canaris, which is located in front of one of the best beaches in Jandía, into a major eco-resort.

Original Story: Canarias 7 – Catalina García

Adaptation/Translation: Richard D. K. Turner

Trinitario Casanova’s Baraka Group to Build Hotel in Valdebebas

14 October 2019 The executive Trinitario Casanova is planning on building a new hotel in Madrid Norte, the capital’s new residential area, between Valdebebas and Operation Chamartín. Casanova’s Baraka Group confirmed that it would develop the new hotel on a 38,000-m2 plot of land its owns near to the Real Madrid sports complex and the access to Madrid-Barajas airport. The project reportedly also includes plans for rental offices on the same site.

The area where the hotel will be located is in the ‘Valdebebas Fintech District’ in the new Madrid Nuevo Norte in the north of Madrid, where 11,400 new homes are already under development.

Original Story: La Información – Ana Sánchez Juárez

Adaptation/Translation: Richard D. K. Turner