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hospitality Market News: Spanish Real Estate Intelligence

The Russian Group 'Golf Estate' Purchases the San Roque Golf Club

5 April 2019 - Europa Sur

The Russian company Golf Estate has acquired the golf course and clubhouse at The San Roque Club, located in the urbanisation of Sotogrande, in the province of Cadiz.

The company plans to make significant investments in the course, including reforming one of the two courses (the Old Course) and converting the iconic Tony Jacklin clubhouse into a boutique hotel.

Golf Estate is a golf development and marketing company and is the largest intermediary of golf operations and management in Russia.

The news of the purchase has been welcomed by the mayor of San Roque, Juan Carlos Ruiz Boix (pictured above) as it means that the jobs of the golf course's 52 employees will be guaranteed.

Original story: Europa Sur (by Alberto Rodríguez)

Translation/Summary: Carmel Drake

 
Ybarra y Compañía to Invest €7M in the Construction of a 105-Room Hotel in Sevilla

5 April 2019 - ABC Sevilla

Ybarra y Compañía is going to invest €7 million in the construction of a 4-star hotel in Sevilla, which will have a total surface area of 5,000 m2, comprising 4 storeys and 105 rooms.

The company has already submitted a request for the building permits for the establishment, which is going to be built on the corner of Avenida de la Palmera and Calle Cardenal Bueno Monreal, on the city's golden mile.

The property developer plans to inaugurate the hotel in the Spring of 2021, ahead of the Easter and Feria celebrations, which attract thousands of tourists to the city each year.

Original story: ABC Sevilla (by María Jesús Pereira)

Translation/Summary: Carmel Drake

 
Blackstone's Hotel Socimi Hispania Ceases Trading on the Stock Market

4 April 2019 - La Vanguardia

Hispania, the largest hotel owner in the country, will stop trading on the stock market from tomorrow Friday 5 April. This outcome has been on the cards since the Socimi, which owns 46 hotels located all over Spain, was taken over by the US fund Blackstone last year.

Blackstone paid €18.25 per share for the Socimi, compared with the firm's debut price of €10.00. On Thursday, Hispania closed trading at €17.82 per share.

The Socimi, which is worth almost €2 billion, will abandon the stock market five years after making its debut in March 2014. It is the first Socimi to have trading in its shares terminated in this way.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake