Ilunion and Vincci Launch A €500M Hotel Socimi

21 June 2016 – Expansión

Vincci Hoteles and Ilunion have launched a Socimi called Plaza Hotel Assets.

The agreement between the two companies forecasts an ambitious growth plan, through acquisitions and contributions of hotel assets in urban and vacation locations.

The establishments will be situated in Madrid, Barcelona, the Balearic Islands, the Canary Islands, the Costa del Sol, as well as in certain international destinations.

This Socimi has been created with the objective of facilitating the growth of these two groups in the Spanish tourism sector and consolidating their growth plans as operators.

According to the CEO of Vincci Hoteles, Carlos Calero, the opportunity for multi-management within the same Socimi means that a lot of value has been placed on the versatility that this new form of growth offers. The hotel chain, which has been operating in the sector for fifteen years, has forty hotels in its portfolio and owns properties in Spain, Portugal and Tunisia.

Meanwhile, the CEO of the Ilunion group, Alejando Oñoro, thinks that this agreement is good news for his company, as it represents another step in the consolidation of the group launched just over a year ago.

Similarly, he is convinced that the project will help to create quality jobs for people with disabilities in a strategic sector for the country, such as tourism; and will continue to expand accessibility and design for everyone in hotels.

Original story: Expansión

Translation: Carmel Drake