Transaction / Assets Seller Buyer € MM
Antonio Calero Acquires Paseo Neptuno, 72 In Valencia
4 November 2016 – Real Estate Press
Through one of his companies, the businessman Antonio Calero has acquired the building located on Paseo de Neptuno, number 72, owned until now by Ernesto Martínez Colomer.
Calero is the main shareholder of the Marina Beach Club complex in Valencia, whose name will also be used on this occasion.
With a total investment of €14 million, to cover the cost of buying the building and converting it into a hotel, Calero, plans to turn the property into a hotel and restaurant.
The three-storey building has a similar structure to those of other hotel complexes in the surrounding area, which has been established by the municipal legislation that applies to the area, and especially to these types of buildings that overlook the Paseo Marítimo and the beach.
The municipal constraints also affect the design of the property, in such a way that the final façade still needs to be agreed in conjunction with the Town Hall of Valencia. In any case, the project has been assigned to the architect José Martí from the ERRE studio, a personal friend of the businessman, who is looking for a totally renewed and different concept at the club, with the fundamental premise that the complex be “very representative of the Valencian character”.
Each one of the hotel’s 50 rooms will be fashioned by a local designer, who will source supplies from major companies in the furniture and furnishings sector, including Andreu World, Viccarbe and Porcelanosa, according to Calero. “The idea is that our clients will be able to experience up to 50 different nights”, said the owner.
Calero also highlighted the “exclusive” character of this new project. The price per room will reflect the rates charged in the area for a 5-star hotel. Although the figures have not been determined yet, competitors in the area charge between €150 and €900 per night.
Those figures are based on low season rates at the nearby Hotel Balnerio Las Arenas, located just a few metres away. At Hotel Neptuno, which is also nearby, but which is a 4-star property, prices range between €100 and €400 per night.
In any case, to obtain the highest distinction in terms of hotel category, the owner will have to make a series of structural changes to the property, which still need to be defined.
The purchase has just been completed, which means that the project is in its very early stages. The application for the building licence and permits will now be submitted and the construction work is expected to take at least 15 months, which means that it is unlikely that the hotel will open for another two years. In other words, the new hotel should be ready for summer 2018.
Original story: Real Estate Press
Translation: Carmel Drake