7 March 2016 – Expansión
The Palladium Hotel Group and El Corte Inglés are considering converting Hotel Ayre Astoria, acquired in 2006 for around €36 million, into an Only You branded establishment.
Located in the heart of Valencia, the Ayre Astoria Palace has 204 rooms and, due to its size and location, is emerging as the most likely candidate to form part of the new ensign that the family chain, owned by the former Minister of Foreign Affairs and the retail group, which each hold a 50% stake. Currently, the urban Only You brand has one property on the Madrilenian street of Calle Barquillo, and in the next few months, it will add a new hotel in Atocha, with 206 rooms.
The hotel chain’s strategy includes establishing this premium brand in other Spanish cities, where it already has assets that could be converted into Only You properties, before setting its sights on growth overseas. Specifically, its internationalisation plans include expanding into the main European capital cities, as well as making the leap across the Atlantic (to Latin America and the USA). The plan is to complete these three stages over the next five years.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake