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8 August 2016 – Expansión
In addition to its two purchases in the Canary Islands (IFA Catarina and Hotel Jardín Tropical), it also acquired the luxury Hilton Sa Torre resort in Mallorca (pictured above) and the Hotel Abba Acteon in Valencia.
Four acquisitions in four weeks. That was the result of HI Partners’ activity in July, a month in which the company owned by Banco Sabadell, closed several deals that allowed it to incorporate 1,119 new rooms into its hotel portfolio in one fell swoop. It paid €136 million in total for the four operations, which allowed HI Partners to extend its presence to the Canary Islands and Mallorca for the first time, two of Spain’s main tourist destinations.
The company led by Alejandro Hernández-Puértolas has just completed the purchase of two establishments in Mallorca and Valencia, to add to the two acquired in the Canary Islands half way through the month. With these purchases, the investment and hotel management company’s portfolio of hotel assets now contains 28 properties and 3,352 rooms.
In Mallorca, HI Partners has purchased Hotel Hilton Sa Torre, a luxury resort located in Llucmajor, on a traditional Mallorcan estate that includes buildings dating back to the 14th century. The five-star property has ninety rooms and a spa, as well as several swimming pools, a tennis court and extensive gardens.
In parallel, at the end of July, the firm also acquired Hotel Abba Acteon, a four-star urban property located in the centre of Valencia, with 150 rooms.
These two purchases followed its acquisition of IFA Catarina, located in Maspalomas (Gran Canaria) and Hotel Jardín Tropical, located in Adeja (Tenerife).
Investment in renovation
The four hotels have increased the size of the HI Partners Value Added vehicle, which contains the jewels of the investor group’s crown. The division now owns eight assets. Alongside the two hotels in the Canary Islands and the new properties in Mallorca and Valencia, the fund also includes Hotel Silken in Málaga, the Terramar in Sitges (Barcelona), the Prestige Coral Plajta de Roses (Girona) and the future Hotel Axel in Madrid, which is currently under construction on Calle Atocha.
HI Partners plans to allocate an addition €20 million to the renovation and improvement of the properties it has acquired. All of them have received financing from Banco Sabadell, in other words, they form part of the €850 million hotel debt portfolio managed by HI Partners.
Original story: Expansión (by Sergi Saborit)
Translation: Carmel Drake