Tag: Bal Hotel & Spa

Banco Sabadell Sells 5 Hotels for c. €20M

27 January 2018 – La Vanguardia

Banco Sabadell is continuing to divest its hotel business with the sale of five establishments in recent weeks for a total consideration of almost €20 million, according to market sources. The move comes after the entity sold its hotel management platform HI Partners to the US fund Blackstone for €630.7 million in October.

When it announced that sale, the entity reported that the transaction comprised 14 large and superior category hotels, including the ME Sitges Terramar, the Hilton Sa Torre in Mallorca and the Axel Hotel in Madrid. The bank reported that another 11 smaller hotels had been left out given that they did not fit the profile of the operation. But five of them have been sold by Sabadell in recent weeks, specifically: the Asta Regia Hotel in Jerez de la Frontera acquired by Hotusa; the Aparthotel Augusta in Boí Taüll acquired by Kesse Invest; the Bal Hotel Spa de Gijón purchased by Artiem; the Barceló Oviedo bought by Barceló; and the AC Lleida purchased by AA Hoteles.

Naturally, what Sabadell is selling is the ownership of the property. In most cases, these hotels were managed by other specialist companies. The hotels expanded Sabadell’s real estate portfolio during the economic crisis after their owners offered them to the entity as a way of paying the financial debt that they had contracted. They may also have resulted from foreclosures. The entity chaired by Josep Oliu and led by Jaime Guardiola (pictured above) worked with different scenarios to make its investments profitable, including debuting the company that was managing the hotels on the stock market. However, the appearance of Blackstone’s offer tipped the balance towards the sale. According to a statement filed with the CNMV, the bank obtained profits (extraordinary profits) of €55 million from the divestment.

The hotel manager does not form part of the bank’s business and a specific division had only been constructed to manage the foreclosed assets in the best way. The establishments that have now been sold are not beachfront or large properties, although some are located in purely tourist areas such as the case of the Aparthotel in Boi Taüll, which is situated in the closest urbanisation to the Llerida ski resort.

In the case of the sale of the 5 small hotels, the bank declined to disclose the amount of the sale although market sources indicate that the total transaction consideration amounts to around €20 million. Sabadell plans to continue with the divestment of the 6 remaining hotels over the next few weeks.

Original story: La Vanguardia

Translation: Carmel Drake

Sabadell Sells Bal Hotel & Spa in Gijón to Grupo Artiem

27 December 2017 – Revista Hostel Pro

The 5-star Bal Hotel & Spa has 45 fully equipped rooms (doubles, junior suites and suites), as well as 4 meeting rooms, a restaurant, a piano bar, an extensive spa measuring 450 m2, a gym, 3 padel courts, a car park and a large garden area for events. It is located in Asturias, just 10 minutes from the city centre of Gijón.

The asset has been acquired by Grupo Artiem, which is also going to operate the property itself. Grupo Artiem, originally from Menorca, has a long history on its home island. It has recently started to operate hotels in the urban segment, incorporating the 4-star Artiem Madrid Hotel, with its 83 rooms, into the chain.

José Guillermo Díaz Montañés, CEO of Grupo Artiem, highlights: “The features of the property and its location in Asturias, a region that fits perfectly with our value proposition, make the Bal Hotel Spa Business & Leisure the perfect candidate for incorporating into Artiem Fresh People Hotels, given that our business philosophy is based on well-being, sustainability and people. The facilities and, above all, the team that we are incorporating into the Group will allow us to start to grow in the north of Spain and remain faithful to our philosophy and management model.

Íñigo Cumella, Hotel Broker and the person responsible for the operation, indicated: “this is a unique property in the area, both due to its quality as well as the variety of its services and facilities. On the other hand, its environment and location (just 10 minutes by car from both the beach and Gijón city centre) make it very attractive for leisure guests, as well as for the organisation of corporate meetings and the celebration of events. The completion of this operation once again highlights the significant investor interest in the hotel sector, where luxury assets such as the Bal Hotel & Spa are continuing to generate demand”.

Meanwhile, Inmaculada Ranera, Director General in España and Portugal added: “The month of December is proving to be particularly intense in terms of the closing of operations. We hope that this won’t be the last announcement of its kind before the end of 2017”.

Original story: Revista Hostel Pro 

Translation: Carmel Drake