La Saleta Invests €60M in its Expansion Across Spain

2 May 2018 – Eje Prime

La Saleta is committed to becoming one of the leading operators of nursing homes in Spain. The Valencian company, which has been owned by the Belgian firm Armonea for the last two years, has completed the acquisition of six nursing homes so far this year in operations worth €60 million.

La Saleta already owns its first centres in Valladolid, Burgos and Asturias, which it integrated with the purchase of the company Bau Gestión at the beginning of the year. To that, it has added the acquisition of a new property in Álava, the Albertiaetxea home, and it is now negotiating new purchases in the País Vasco. La Saleta has also added two centres in the province of Alicante, one in El Vergel and the other in the capital, with a management agreement, according to Expansión.

These six additions contain 935 beds and increase La Saleta’s total capacity to 4,500 beds. Moreover, the firm has started work on the construction of two new nursing homes in Tomares (Sevilla) and Lugo, which involve €16 million of investment and 310 additional beds.

La Saleta transferred the ownership of three properties acquired from Bau Gestión to the fund Healthcare Activos and also sold another six properties in the Community of Valencia to the French fund Primonial Reim for €35 million. “The aim of La Saleta is to expand (capacity) by 2,000 beds and so we are already halfway there”, said Fernando Ruiz Castillo, CEO of the group. La Saleta closed 2017 with turnover of €58.1 million.

Original story: Eje Prime

Translation: Carmel Drake

HI Partners Acquires 3 Hotels in Mallorca & Málaga

26 December 2017 – Ali Market

On 22 December, Spain’s National Securities and Exchange Commission (CNMV) reported that the US fund The Blackstone Group International Partners (through Halley Bidco, S.L.U.) had finally made effective the purchase of 100% of HI Partners Holdco Value Added from Banco Sabadell, in an operation worth €630.73M (…).

Hotel Investment Partners (HI Partners) divides its assets between two subsidiaries, HI Partners Holdco Value Added and HI Partners Holdco Gestión Activa. Value Added owns HI’s larger tourist accommodations, located in premium areas and capable of generating significant returns once converted. That division owns 15 tourist accommodation establishments (grouped into 14 complexes), which are integrated into various hotel groups through management and rental contracts, comprising 3,724 rooms in total.

Meanwhile, Gestión Activa (635 units spread over 11 establishments) owns the rest of the group’s assets, most of which are smaller properties, in secondary locations, with the aim of being sold after optimising their management. As at 25 December 2017, HI Partners owned a total portfolio of 4,359 accommodation units (beds) spread over 26 hotels, according to a Census performed by Alimarket Hoteles.

New additions

Blackstone’s aim over the next few years is to position HI Partners in the Spanish hotel sector and to continue adding new assets to its portfolio in order to make it one of the largest owners in the domestic hotel market. In this sense, HI Partners has just announced the purchase of three holiday resorts. Specifically, in the Balearic Islands, it has purchased ‘Calviá Dreams’ (4E-161 beds) and ‘Barracuda’ (3E-264 beds) in Magaluf (Mallorca) and in Torremolinos, it has acquired the Malagan aparthotel ‘Pueblo Camino Real’ (4E-513 beds).

The first two assets currently form part of the Alua Hotels & Resorts portfolio (a chain that is owned in its entirety by Alchemy) (…). In fact, and in its fight to grow its portfolio, Blackstone bid this year to acquire the Alua Hotels’ portfolio; however, the Socimi Hispania (the largest hotel owner in Spain, with 11,047 beds spread over 39 hotels) pipped the US fund at the post by acquiring a batch of 7 hotels linked to Alua for €165 million earlier this month (…).

Original story: Ali Market (by Ricardo Vallano)

Translation: Carmel Drake