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All Market News: Spanish Real Estate Intelligence

Atom Hoteles Acquires Two Hotels in the Canary Islands for €68 Million
8 October 2019 The socimi Atom Hoteles, which is controlled by Bankinter and Global Myner Advisors Capital Investment, will undergo an €80-million capital increase to finance its acquisition of the 439-room Isla Bonita de Tenerife and the 125-room Riviera Marina de Gran Canaria hotels. The firm agreed to pay 52.6 million euros for the first hotel and 15 million euros for the second, for a total of €67.6 million. Atom Hoteles also announced that it had reached an agreement with the FTI Group’s Meeting Point Hotel Managements to operate the two 4-star units under its Labranda Hotels & Resorts brand. Either party may opt to extend the 12.5-year lease. Meeting Point will pay 6% of each unit’s revenues in rent, with a minimum guaranteed amount of just over 6% of the acquisition price. The agreement also stipulates that Meeting Point will invest approximately €25.6 million in the Isla Bonita hotel and approximately six million euros in the Riviera Marina hotel to upgrade and reposition the assets. Original Story: La Vanguardia / Europa Press Adaptation/Translation: Richard D. K. Turner
 
Berkshire Hathaway HomeServices Teams Up with Larvia to Sell Luxury Homes in Spain
8 October 2019 Berkshire Hathaway HomeServices, Warren Buffet’s real estate agency network, began operating in Spain last week through an alliance with Larvia. To begin with, the two firms will focus on the luxury market. The two firms are forecasting revenues of approximately 5 million euros in the joint venture’s first year of operation. Berkshire Hathaway HomeServices Larvia also plans on increasing that figure to €65 million over the next five years. Original Story: El Español / E.E. / Agencias Adaptation/Translation: Richard D. K. Turner