BBVA Sells Two Real Estate Portfolios Containing Hotels & Offices

29 May 2015 – Bloomberg

Banco Bilbao Vizcaya Argentaria SA is selling two real estate portfolios in Spain that include hotels and offices, according to documents seen by Bloomberg News.

The package of hotels, called Otelo, consists of 18 properties located throughout the country with a total of 2,050 rooms, according to the documents. The commercial portfolio, called Zafiro, comprises 15 offices, logistics and retail units.

No value was included in the documents and a spokesman for BBVA in Madrid declined to comment on the sale.

Investors are targeting commercial real estate in Spain as the economy recovers and the euro’s slide against a basket of currencies encourages more visitors. A record 65 million tourists arrived last year, and in the first two months of this year, spending by vacationers increased by 8 percent, compared with 2014, to €6.6 billion ($7.2 billion).

The deadline for binding bids for the hotels, only six of which are open, was on April 27, according to one of the documents.

BBVA intends to conclude the sale of the Zafiro package by September, according to one of the documents. It consists of 139,000 square meters (1.5 million square feet) of real estate and 1,300 parking spaces.

Original story: Bloomberg (by Sharon Smyth)

Edited by: Carmel Drake