• Transaction / Assets
    Aparthotel Augusta (Boí Taüll ski resort, Cataluña)
  • Seller
    Banco Sabadell
  • Buyer
    Kesse Invest
  • € MM
    1.5

Banco Sabadell Sells its Hotel in Boí Taüll Ski Resort

13 December 2017 – Crónica Global

This December, Banco Sabadell has completed the sale of Aparthotel Augusta, an establishment located in the Catalan ski resort of Boí Taüll. The operation has been advised by the international consultancy firm Christie & Co and has been closed for €1.5 million, according to sources in the sector.

The buyer is the Kesse Invest group, a company specialising in managing mountain tourism experiences (…).

Start of the ski season

Aparthotel Augusta is a four-star establishment containing 39 one-, two- and three-bedroom apartments. It offers additional services such as a 1,200 m2 Spa and an outdoor swimming pool, two features that differentiate it from other accommodation options in the area, according to the same sources.

The transaction has been closed just after the start of the ski season in Boí Taüll, which opened on 1 December. The Catalan ski resort owned by the Nozar group expects a repeat of the good performance recorded last year, the best for a decade, with a 40% increase in turnover and 20% more skiers.

These figures are encouraging the Nozaleda brothers, the managers of the ski resort, to try and negotiate with the Generalitat to obtain an extension of the concession granted to them by the public company Actius de Muntanya, which runs until 2023. That process has not been started yet due to the on-going political situation in Cataluña, which first started in the summer and which has led to the calling of elections on 21 December.

Sabadell’s hotel divestment

Banco Sabadell, which has declined to confirm the details of this transaction, indicates that the deal forms part of its strategy to divest its hotel business. After selling its HI Partners division to Blackstone for €630 million (at a profit of €55 million) on 17 October, it was left with 11 (hotel) assets on its balance sheet, which it holds through the company HI Holdco Gestión Activa.

In addition to the establishment in Boí Taüll, a month ago, the bank sold a hotel it used to manage in Jerez de la Frontera (Cádiz) to Hotusa – the hotel in question was the 4-star Eurostars Asta Regia.

Original story: Crónica Global (by Cristina Farrés)

Translation: Carmel Drake

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