hospitality Market News: Spanish Real Estate Intelligence

Bilbao-Based Kategora Acquires Office Building in Valencia for Conversion into Apart-Hotel
16 August 2019 The Basque investment firm Kategora has acquired the building that houses the headquarters of Valencia’s PSPV party from the Valencian families Nebot Oyanguren and Pascual. The new owners have given the socialist political party and other tenants one year to vacate the property, which Kategora plans on converting into an aparthotel. The building, located at Avenida Oeste, 28, in Valencia, is an office building whose owners opted to sell a few months ago. While the building has a market value of 25 million euros, the parties declined to reveal the negotiated sales price. The socialists already had to leave their historic headquarters on Calle Blanquerías de València after having sold it to the Valencian chain Myr Hoteles for 5.8 million euros. Kategora, which was founded in the Basque Country thirteen years ago by Kepa Apraiz, manage an €80-million portfolio of properties. Its assets include residential properties, tourist apartments and student residences. Original Story: Levante-EMV - Ramón Ferrando Photo: E. Ripoll Adaptation/Translation: Richard D. K. Turner
RIU Opens Major Hotel on Madrid’s Gran Vía
13 August 2019 This week, RIU announced the opening of its first hotel in Madrid after almost two years of renovations and a total investment of between 380 and 400 million euros. The RIU Plaza España hotel on Madrid’s Gran Vía has 585 rooms and 5,000 square meters of event facilities, including 17 meeting rooms. Original Story: Expansión - R. Arroyo Adaptation/Translation: Richard D. K. Turner
B&B Sells Its Last Hotel in Spain to Miratres for €1.7 Million
13 August 2019 The French hospitality group, B&B, sold its last hotel in Spain to the Miratres family office for 1.7 million euros. The hotel in Oviedo was the firm’s last directly owned property.  Now, B&B is focusing its investment strategy on long-term guaranteed rental contracts. In this manner, B&B is looking to double its market share in Spain and Portugal from 32 to 64 hotels by 2022. The firm expects to inaugurate fifteen new venues by the end of next year, ten in Spain and another five in Portugal. Original Story: Eje Prime Adaptation/Translation: Richard D. K. Turner