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Oaktree Sells Hotel Dolce Sitges For €40M

3 July 2017 – Preferente

The US fund Oaktree Capital Management is going to sell the Hotel Dolce Sitges in Barcelona. Specialising in conferences and conventions, the establishment will now be taken over by Talus Real Estate, together with the US fund Angelo Gordon.

According to Expansión, the negotiations are already well advanced and the transaction is expected to be closed this week, for just over €40 million. Oaktree has been looking to sell this hotel for a year; it acquired the property in 2015.

Operated by Wyndham, the Hotel Dolce Sitges opened its doors in October 2004. It specialises in the MICE segment (meetings, incentives, conferences and exhibitions), as well as in high-end holiday tourism.

The 5-star property has 263 rooms, a spa and fitness centre. It also has four outdoor pools and one indoor pool, as well as 2,175 m2 of space dedicated to meeting and conference rooms, spread over 38 meeting rooms and an amphitheatre.

This operation comes shortly after Iberdrola Inmobiliaria sold 55% of the Hotel Hilton Diagonal Mar in Barcelona to Axa Investment Managers Real Assets for €80 million.

The area of Barcelona where this latest hotel is situated, Sitges, has more than 5,000 hotel beds and is enjoying a boom as a tourist destination, following several recent operations, such as HI Partners’ acquisition of Hotel Terramar and Leo Messi’s recent purchase of the boutique Hotel Mim.

Original story: Preferente (by R. P.)

Translation: Carmel Drake

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