27 February 2019 – Eje Prime
ASG is launching a new hotel project in Spain. The group has formalised an agreement to build a Hampton by Hilton hotel containing 242 rooms in Barcelona. Construction work on the complex has already started and is expected to finish in the first quarter of 2021. The project is predicted to involve an investment of around €40 million.
The German manager is going to build the establishment opposite the Fira de Barcelona, in the Plaza Europa business district, according to reports in a statement. Hampton by Hilton Barcelona Fira Gran Vía will operate by virtue of a franchise contract with Borealis Hotel Group, which has signed a long-term rental agreement to operate the new hotel.
This is the third investment made to date in the Spanish hotel sector by funds backed by ASG. Hard Rock International joined forces with ASG in October to open a hotel that the latter is building in a former office building in the museum district of Madrid.
Moreover, ASG is undertaking the renovation of a hotel in the historical centre of Málaga to position it in the luxury segment. The Hampton by Hilton hotel in Barcelona is an investment carried out by ASG’s Iberia Fund I (…).
Original story: Eje Prime
Translation: Carmel Drake