15 January 2015 – Hispania press release
Hispania Activos Inmobiliarios, S.A. (Hispania) has acquired the Hesperia Ramblas hotel in Barcelona and the Vincci Málaga hotel for a total amount of €27.9 million, through its subsidiary Hispania Real SOCIMI, S.A.U.. In both transactions, the consideration has been fully disbursed from Hispania’s own funds.
These two acquisitions fit Hispania’s investment strategy in urban hotels, reinforcing its presence in two very important markets in Spain. They also complement the acquisitions made by the company back in July 2014 in the Madrid region, bringing Hispania’s total urban hotel portfolio to four.
Hotel Hesperia Ramblas
The Hesperia Ramblas is a 3* hotel with 70 rooms, located next to Las Ramblas, Barcelona’s main tourist area par excellence and close to the emblematic market La Boquería. The acquisition includes a retail space, which is leased to a financial entity. The aggregate investment amounts to €17.5 million.
The hotel is currently managed by Grupo Hesperia (the Spanish hotel operator) under a long-term lease agreement, whereby the rent received will increase until 2019. The average gross yield of the investment stands at 7.6%.
“Barcelona is a strategic location for Hispania due to its excellent positioning as a tourist and business destination, which means the Hesperia Ramblas hotel fits perfectly within our hotel portfolio”, stated Concha Osácar, Board Member of Hispania.
Hotel Vincci Málaga
The Vincci Málaga is a 4* hotel with 105 rooms, located right on the seafront in Málaga city. It is currently operated by Grupo Vincci (the Spanish hotel operator) under a long-term lease contract. The hotel’s estimated gross yield for 2015 exceeds 8%.
“2014 has been a historic year in terms of visitor numbers, nights and average stay for the city of Málaga, with an average occupancy during the year of more than 70%, up 5 p.p. on 2013”, said Concha Osácar. “In addition, the RevPar growth in 2014 in the city of Málaga has experienced a double-digit increase, positioning it as one of the cities with the biggest growth in Spain in 2014”.
Original press release: Hispania
Edited by: Carmel Drake