28 November 2018 – Expansión
Pierre & Vacances, the vacation apartment, hotel and resort chain, wants to strengthen its presence in Spain with a growth plan over three years, which will allow it to achieve 80 establishments in Spain and Portugal and increase is turnover in the region by more than 50% to around €100 million by the end of 2021, compared to its forecast revenues of €65 million for 2018 and €85 million for 2019.
The French company, which has added six new establishments to its portfolio this year, will add another three properties next year, taking the total to 59 complexes and 5,000 apartments by the end of 2019.
Its plans for 2021 include having 80 tourist complexes in Spain and Portugal, containing between 6,000 and 6,500 units, according to Ghislain d’Auvigny, Director General of Pierre & Vacances in Spain, talking to Expansión.
One of the most recent openings includes Madrid, where the company has just incorporated apartments in the Eurobuilding 2, a building with 123 apartments at number 69 Calle Orense. This represents Pierre & Vacances’s debut in the Spanish capital and it joins other urban complexes that the company already has in Sevilla and Barcelona.
Pierre & Vacances, which arrived in Spain in 2005, employs around 1,200 workers in the country during the high season. “We will continue to take advantage of opportunities and to reach agreements with owners for the management, rental and marketing of complexes”, said D’Auvigny.
In parallel, the company is going to take advantage of purchase opportunities if it finds the appropriate assets, although it will subsequently sell them to third parties, be they funds or individuals, to maintain its policy of not owning any assets itself.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake