21 December 2017 – Eje Prime
Hispania is expanding its portfolio after defeating Blackstone. The Spanish Socimi and US fund were bidding for Alua Hotels’ island portfolio, comprising seven resorts in the Canary and Balearic Islands. The properties in question will now pass into the hands of the company managed by the Azora group, in exchange for the payment of €165 million.
With this acquisition, the company, in which George Soros holds a stake, has almost completed its hotel investment plans, in which the purchase of large hotel complexes on the Spanish islands plays a significant weight, according to a report submitted by Hispania to Spain’s National Securities and Exchange Commission (CNMV).
The assets acquired by the Socimi comprise AluaSoul Palma, AluaSoul Mallorca Resort, AluaSoul Alcudia Bay, AluaSoul Ibizia and AluaSun Torrenova, in the Balearic Islands; and Ambar Beach and Parque San Antonio, in the Canary Islands. The 1,700 rooms in the portfolio will continue to be operated by Alua Hotels.
After formalising this operation, Hispania now owns almost 13,000 rooms across 45 hotels. Currently, the valuation of the company is estimated to amount to more than €2 billion, mostly thanks to its hotel assets, although it also owns office buildings and homes.
Original story: Eje Prime
Translation: Carmel Drake