• Transaction / Assets
    Hotel Las Vegas (Málaga)
  • Seller
  • Buyer
    Madrilenian investor group
  • € MM

Madrilenian Investor Group Buys Hotel Las Vegas In Málaga

17 November 2017 – Diario Sur

A Madrilenian investment group has acquired Hotel Las Vegas, in the centre of Málaga, which has been operating for more than half a century. The new owners, who want to remain anonymous, have signed an agreement with the Malagan chain Soho Boutique Hotels, founded by Antonio Gordillo and Gonzalo Armenteros de Dalmases, to operate this hotel facility for a period of 30 years. Although the amount paid for the purchase operation has not been disclosed, Gordilla did reveal the future plans for the establishment: Soho Boutique Hotels is going to invest around €2 million immediately in the complete renovation of the facilities, located right on the beachfront and with 107 rooms.

With the management of this hotel, the Malagan group is now the chain with the most hotel establishments in the capital, given that it already operates the Itaca Málaga, Soho Bahía Málaga, which will see its category rise to a four-star property at the beginning of next year, following a €500,000 investment, Soho Los Naranjos, Soho Boutique Málaga and now Soho Las Vegas, encompassing 270 rooms in the city in total.

Antonio Gordillo, partner and director general of the chain, wanted to send a message of calm to the workforce and assure the thirty employees that they are guaranteed the same conditions they have enjoyed until now. “We are a young chain, we started out in 2010, and one of our maxims is that our employees represent one of the company’s greatest assets. We place a lot of emphasis on ensuring our staff are happy and motivated”, he said.

In terms of the new activity for Soho Las Vegas, Gordillo said that all of the furniture, beds and televisions, amongst other items, will be replaced immediately, to adapt them to the needs of guests and the quality standards of the group. In the second phase, they are planning more comprehensive work such as the renovation of bathrooms and the launch of new services. “We are really surprised by how well the facilities have been maintained”, he said.

Soho Hoteles does not rule out incorporating more establishments in the city. The chain is in full swing with its expansion process, with new projects in Madrid and Cádiz. It already has establishments in Sevilla, Córdoba, Jerez, Granada, Fuengirola, Cáceres and Salamanca, taking its total portfolio to fifteen, including the properties in Málaga. “The company’s turnover amounts to €16 million, and in 2018 we expect to double that figure thanks to the new additions, including Soho Las Vegas”, he said, adding that the key to the chain’s success is that all of its establishments are located in the city centre. As such, they register an average annual occupancy rate of 82% and a revenue per available room (RevPar) of €82.

Original story: Diario Sur (by Pilar Martínez)

Translation: Carmel Drake

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