The Hotel Socimi Elaia Earned Double and Invoiced 40% More in 2019

Elaia Investment considers that it is ‘extremely difficult’ to evaluate the impact of the pandemic crisis on its business this year.

The Socimi Elaia, which specialises in hotel assets, closed 2019 with a profit of €5.2 million, whereby doubling the result recorded in the previous year, when it earned €2.4 million. Elaia considers that it is “extremely difficult” to evaluate the impact of the pandemic crisis on its business this year.

The divestment process of the company, which is controlled by the Luxembourg group Batipart, has a lot to do with these results. Swiss Life Asset Managers acquired two hotels in Mallorca -Icon Valparaíso and Vistama-, one hotel in Gerona (Monterrey) and an apartment complex in Menorca (Eden Binibeca), which according to market sources are worth more than €50 million.

Investment Funds Eye Thomas Cook’s Assets in Spain

30 September 2019 – International investment funds are already circling over Thomas Cook’s assets in Spain after its bankruptcy last week. Investor interest is focusing on the Balearic Islands, where Cook operates about 20 units.

Blackstone has recently been the most active buyer in the Balearic Islands through its hotel division, HI Partners. The groups Atom Hotels, Portobello Capital, Covivio, CBRE Global Investors, Corum AM, Elaia Investment, Apple Leisure Group, KKR and Hispania are also active in the region.

Beyond the failure of Thomas Cook, a recent fall in tourist arrivals from Germany has also put pressure on some small and medium-sized operators, providing more fodder for the mill.

Original Story: Preferente

Adaptation/Translation: Richard D. K. Turner