Nyesa Puts Hotel Tryp Macarena Up For Sale For c. €50M

7 April 2016 – Expansión

The hotel real estate market in Sevilla is on a roll. In addition to several new projects, such as Hotusa’s plans for CaixaBank’s Torre Sevilla skyscraper and the hotel that will be opened in the former headquarters of Banco de Andalucía, promoted by Drago Capital, other properties are also now hanging up the ‘For Sale’ sign. According to local sources, another hotel that may soon change hands is the Tryp Macarena, one of the largest in the Sevillan capital.

The real estate company Nyesa has launched the sale of this property, located next to the Parliament of Andalucía, in the popular neighbourhood of Macarena. The starting price ranges between €40 million and €50 million, according to sources in the sector. The property has a four-star rating and 331 rooms.

Meliá is the chain that operates the hotel and the firm that sold it to the current owners in 2005 for €42 million. For the Bartibás family, which used to control the Horcona group, it represented its fourth hotel in Spain and the 25-year lease contract signed with the multi-national firm chaired by Gabriel Escarrer generated annual revenues of €2.2 million, according to Nyesa’s accounts.

According to sources at Meliá yesterday, “in most cases, when there is a transfer of ownership, the group continues as the manager, if that fits with the overall strategy”.

Nyesa Valores Corporación was created in 2008 from the integration of the real estate companies Nyesa and Inbesòs. Its huge debt, which exceeded €650 million at one point, forced it to file for bankruptcy in 2012, but it reached an agreement with its shareholders in 2014. Nevertheless, its shares are still suspended from trading and in 2015, its revenues amounted to just €2.6 million, compared with €186 million in 2008. After capitalising its debt, its shareholders include several banks, such as Popular (13.2%).

Original story: Expansión (by Lidia Velasco)

Translation: Carmel Drake

Drago Buys Banco de Andalucía’s HQ For €25M

31 March 2016 – Expansión

Banco Popular has handed over the keys to Banco de Andalucía’s former headquarters to Drago Capital and a private Spanish investor. Yesterday, the parties signed the acquisition of the property, which had been up for sale for several years, for €25 million.

With a surface area of almost 8,300 m2, the building is located in the heart of the city, next to Avenida de la Constitución and Plaza Nueva.

Drago Capital will manage the renovation of the building itself to convert it into a hotel, which will open on the upper floors. It will also create a retail space with approximately 2,000 m2 of gross leasable space on the ground floor and mezzanine level.

According to sources at the company “the operation will contribute to the on-going regeneration of the area, one of the most iconic in the Andalucían capital”.

MacPherson Consultores will handle the marketing of the retail outlets, after “observing a great deal of interest for this location from major fashion brands and restaurants”, they added.

Original story: Expansión

Translation: Carmel Drake

Drago Capital To Convert Banco De Andalucía’s HQ Into A Hotel

23 February 2016 – Expansión

The historical headquarters of Banco de Andalucía has new owners and a different future. Drago Capital, which has purchased the building from Popular, together with a Spanish family office whose identity has not been disclosed, will convert the property into a hotel.

Expansión revealed on Thursday that the investors have paid €25 million for the property, which is located right in the centre of Sevilla. The building has a constructed surface area of 8,300 m2 and includes a basement, ground floor with mezzanine and six other floors.

The hotel will occupy the upper floors of the building, whilst the lower floors will contain a spacious area of commercial premises covering approximately 2,000 m2 of gross leasable area (GLA). McPherson Consultores has been engaged to market the premises.

According to sources at Drago, the firm will take responsibility for managing the building work itself. Recently, it led a consortium to undertake the complete renovation of the iconic building at Gran Vía, 32 in Madrid, which was acquired by Pontegadea a year ago.

Original story: Expansión (by Lidia Velasco)

Translation: Carmel Drake