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hospitality Market News: Spanish Real Estate Intelligence

Blackstone & Santander Rescue Popular's Marina d'Or Fiasco

11 June 2019 - Expansión

Quasar, the company created by Blackstone (51%) and Banco Santander (49%) to take over the management of Popular’s property portfolio, has injected €101 million into the company Platja Amplaries, which owns the Marina d’Or group’s apartments, parking spaces and land, to avoid its dissolution.

Platja Amplaries had run up losses of €170 million but Quasar’s cash injection has increased the company’s share capital to €108.3 million. The company’s assets were reportedly worth €285 million when it was created in 2011, but their value had fallen to just €85 million by the time Quasar took ownership two years ago.

Original story: Expansión (by A.C.A.)

Translation/Summary: Carmel Drake

 
Swiss Life Buys a Hotel in Valencia from Grupo Senator for €24.5M

13 June 2019 - Expansión

The Swiss fund Swiss Life has purchased the Hotel Senator Parque Central in Valencia from Grupo Senator for €24.5 million in a sale and leaseback operation.

The 4-star hotel, which has 192 rooms, spans 12,851 m2 and is located in a central area of the Mediterranean city where a large urban park is planned once the nearby railway tracks have been moved underground.

Grupo Senator acquired the property from Sareb in 2017, which itself took ownership after the Valencian property developer that constructed it filed for bankruptcy in 2010.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

 
BlackRock Enters Hostel Sector Through the Creation of a JV with Amistat

7 June 2019 - Hosteltur

BlackRock Real Assets has acquired an initial portfolio of three hostels and six establishments in the pipeline from the Barcelona-based hostel chain Amistat Hostels through the creation of a joint venture worth €100 million.

Specifically, Amistat currently operates two establishments in Spain: the Amistat Beach Hostel in Barcelona and the Amistat Island Hostel in Ibiza, and is also building another hostel in Barcelona. In addition, it has signed agreements to open another six hostels in Rome, Porto, Lisbon, Dublin and London.

According to Thomas Mueller, European Head of Value-Added Real Estate at BlackRock, this transaction represents a great business opportunity as although the hostel market has attracted a growing number of institutional investors in recent years, it is still an undervalued sector, due to its fragmented nature and “very low brand penetration”.

Original story: Hosteltur

Translation/Summary: Carmel Drake