Hyatt to Operate 2 of Hesperia’s Hotels in Madrid & Barcelona

7 March 2019 – Expansión

After breaking off its alliance with NH last year, following that firm’s takeover by the Thai Group Minor, Hesperia is now joining forces with Hyatt. The US hotel giant is going to take over the operation of the two jewels in Hesperia’s crown: the Hesperia Madrid and the Hesperia Barcelona Tower. Hyatt will operate the two 5-star properties on a franchise basis under its Hyatt Regency brand from Q4 2019.

This deal forms part of a broader strategic approach by Hesperia, which has also teamed up with Apple Leisure Group for the management of four of its holiday hotels.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Casual Hoteles to Open 5 New Hotels in 2019

7 March 2019 – Expansión

The Valencia-based hotel chain Casual Hoteles is planning to open four new establishments in Spain in 2019 (in San Sebastián, Cádiz, Valencia and Madrid) and one in Portugal (in Lisbon). The group currently operates 11 hotels and expects to increase revenues by 58% YoY in 2019 to €12 million and to €20 million in 2020.

The firm is also evaluating its expansion into Italy, France, the Netherlands and the UK by 2023 when it expects to have 30 hotels in its portfolio and to generate revenues of €50 million.

Original story: Expansión

Translation: Carmel Drake

Riu Closes the Sale of Edificio España’s Commercial Space to Corpfin

1 February 2019 – Preferente.com

The 15,000 m2 of commercial space in Edificio España now has an owner. The party in question is Inbest Real Estate, the investment vehicle owned by Corpfin Capital Real Estate, which has signed a purchase agreement with the hotel chain Riu Hotels & Resorts, the owner of the property.

In a statement addressed to Preferente.com, the hotel chain explained that this agreement will enable the opening of five flagship stores for retail operators, including restaurant and textile firms, which will complement the opening of the new Hotel Riu Plaza España. “In that way, we will provide an even greater boost to the area through a tourist, leisure and commercial offer”, said the chain (…).

“We believe that having Corpfin Capital Real Estate as an ally to launch the retail space in Edificio España is the best way of getting the most out of the property”, said Luis Rui (pictured above, left), CEO of Riu Hotels & Resorts. Meanwhile, Javier Basagoiti (pictured above, right) Managing Partner of Corpfin Capital Real Estate, highlighted that their idea is “to choose the operators that best reflect the philosophy of the building, in coordination with Riu, respecting the hotel activity and configuring the premises towards the creation of flagship stores for first-rate operators” (…).

Original story: Preferente.com 

Translation: Carmel Drake

Iberostar will Add 1,500 Rooms to its Portfolio in 2019

24 January 2019 – Expansión

Grupo Iberostar is continuing with its expansion plans and intends to add seven new hotels to its portfolio this year, containing 1,500 rooms in five countries. The new establishments will open in Palma de Mallorca and Madrid, in Spain; in Monastir and Sousse, in Tunisia, where the Spanish hotel chain already has a presence; as well as in Istanbul (Turkey), Rome (Italy) and Lagos (Portugal), where the group will make its debut.

The company, which opened 13 establishments last year, explained that 2019 is going to be “key” for the consolidation of the projects it has underway in Los Cabos and Litibú (Mexico) and for others, which are more advanced, in destinations such as Montenegro, Aruba, Albania and Cuba.

The chain, which is owned by the Fluxá family, owned 96 hotels around the world containing 31,720 rooms at the end of 2018. In Spain, the company owned 35 hotels and 9,888 rooms at the end of last year.

In terms of operational data, Iberostar closed 2018 with revenues of €2.659 billion, which represented an increase of 9% YoY, and it created around 4,000 jobs (…).

Original story: Expansión (by R.A.)

Translation: Carmel Drake

B&B Sells another Hotel in Spain to the fund Corum for €6.6M

22 January 2019 – Expansión

The French hotel chain B&B Hotels – owned by the fund PAI Partners – has sold a hotel in Viladecans (Barcelona) to the French fund Corum for €6.6 million. It is the chain’s largest hotel in Spain, with 216 rooms.

This operation follows the sale of eight hotels that the company completed last year, also to Corum. Like it did then, B&B is going to continue operating the latest asset under a rental arrangement for at least 15 years. Following the sale, B&B owns just two hotels in Spain, in Oviedo and Barcelona (…).

B&B now operates 30 establishments in Spain and plans to continue growing its portfolio in the country during 2019. Its hotels in the country are owned by funds, Socimis and family offices, such as Corum, Atom, Covivo, Doalca and Azata.

Original story: Expansión (by R.A.)

Translation: Carmel Drake

Hoteles Bestprice to Invest €7.5M in Two New Establishments in Madrid

10 December 2018 – Expansión

The hotel chain Hoteles Bestprice is going to invest €7.5 million in its new establishments in Madrid and Girona, assigning €5 million to the hotel that it is going to build in the Spanish capital and €2.5 million to the establishment that it will open in Girona at the end of 2019, according to reports from Europa Press.

Original story: Expansión

Translation: Carmel Drake

Eurostars Purchases Hotel Abba Centrum Alicante

5 December 2018 – Real Estate Press

The Eurostars hotel chain is growing in Alicante. Hotusa, one of the firms belonging to the group, has completed the purchase of the Hotel ABBA Centrum, which it has been negotiating since September.

The amount of the operation has not been revealed, although market sources calculate that it could fall in the range of €12 million to €15 million.

The intention of the chain is to reopen the hotel in January as the Eurostars Centrum, and so the work that it is going to carry out in the building is minimal. In fact, the hotel chain’s website is already accepting reservations for the new hotel in the centre of Alicante from next month. According to sources familiar with the operation, the Hotusa group brand will subject the property to a detailed review to get it ready and will continue to operate it without carrying out any renovation work, at least for the time being.

With this acquisition, Eurostars is growing in Alicante and is whereby adding its third 4-star establishment to its portfolio in the Alicante capital. To date, the chain operates the Eurostars Lucentum, in the former headquarters of the now defunct Banco de Alicante on Avenida de Alfonso X el Sabio, opposite the Central Market, and the Eurostars Mediterranea Plaza, in the same square as the Town Hall. In all cases, the Eurostars hotels are 4-star establishments and offer mid-range prices, in modern buildings and in iconic urban locations.

The chain has more than 100 hotels across fifty destinations, all of which are medium-high end and, in general, housed in unique buildings. The hotel arm of the group is completed with Exe Hotels (60 establishments in Europe and Latin America) and Ikonik Hotels. In addition to its own establishments, the group has around 300 establishments associated with its hotel representation division throughout the world.

In the case of Alicante capital, and in parallel to the negotiation with ABBA Centrum, the chain has also been sounding out the market in the San Juan beach area of Alicante capital, although in that case, the operation has not come to fruition. In that area, the hotel that would be best suited to Hotusa’s plans is Alicante Golf, which is currently managed by the Husa chain, but there has not been any progress on that front for the time being.

Original story: Real Estate Press

Translation: Carmel Drake

Bankinter’s Hotel Socimi Atom will Make its MAB Debut with a Valuation of €265.7M

21 November 2018 – Eje Prime

Atom is lining up to make its debut on the stock market. Bankinter’s hotel Socimi will ring the bell soon on the Alternative Investment Market (MAB) with a portfolio comprising 21 assets located all over Spain. The company will make its debut with a valuation of €265.7 million and a share price of €10.60 after the stock market regulator issued a favourable report for its inclusion on the alternative market, scheduled for before the end of the year.

Atom’s main partner is the Melià Group, which operates six of its establishments. In addition, the Socimi has agreements with AC Hotel by Marriott, Eurostars, Ibersol and B&B, amongst other chains.

Twelve of the company’s hotels are vacation properties, and the remaining nine are urban assets; most are four-star establishments. The properties are worth €483.5 million altogether, according to an independent valuation of the portfolio carried out by EY.

In addition to Bankinter, which owns 5.3% of the shares, other shareholders of the management company include Alcor, which controls 5% of the shares; Mistral Iberia Real Estate, with 5.15%; and Línea Directa Aseguradora, with 2%.

Original story: Eje Prime

Translation: Carmel Drake

B&B to Open the First Hotel in Valdebebas

29 October 2018 – Expansión

The hotel chain B&B Hotels – owned by the fund PAI Partners – is arriving in Valdebebas with the objective of opening the first hotel in that urban development to the northeast of Madrid in 2021.

To this end, the French chain has signed an agreement with Filasa, the owner of the land on which the establishment will be built, for the rental of the plot in Valdebebas for a minimum period of 10 years.

Two buildings are going to be constructed on the plot, which has a buildable surface area of 8,000 m2. The first, which will span a surface area of 4,400 m2 and be shaped in a stepped-structure, will house the 150-room hotel. The second, which will span 3,200 m2 and take the form of a cube, will be used for offices. This property will also have a premise measuring 400 m2.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

AC Hotels to Invest €5M in its First ‘Autograph’ in Valencia

1 October 2018 – El Mundo

AC Hotels, owned by the Navarran businessman Antonio Catalán, has acquired the rights to operate the former CAM building in Valencia, on the central street, Calle Pascual y Genís. Until now, the tenant was the Valencian firm Join Contract, which was granted use of the property by Solvia Group (Banco Sabadell) for 30 years in July, and which is now placing that use into the hands of this prestigious chain.

According to sources speaking to El Mundo, the firm AC Hotels competed against other major chains in the sector including NH and Barceló, as well as the local chain Grupo Intur, owned by the Gimeno family, which controls a large proportion of the major hotels in Benicàssim. Nevertheless, AC Hotels, which already has a hotel very close to what will become its newest location, decided to push hard for this site to whereby expand its business with the construction of what will be its first luxury hotel in Valencia.

That is why it will be called ‘Autograph’, the high-end brand that this operator uses to distinguish its top hotels. It will be the first of its kind in Valencia, although the firm has other luxury hotels with these characteristics operating under the same brand in Madrid and Barcelona.

Sources familiar with the operation have said that AC Hotels is going to invest almost €5 million in the renovation of the iconic building. If there are no delays, the building work will begin before the end of the year. The execution of the work will be carried out by the Valencian firm Join Contract, the same entity that has transferred the use of the asset to AC Hotels for 30 years (…).

More than 60 rooms

Although the project is still in its preliminary phase, some details have been published about the future AC Hotels Autograph. With a surface area of 4,500 m2 (580 m2 per floor), the hotel will have around 60 rooms, including suites and standard rooms. There will be a restaurant and hall on the ground floor, and there will be a small swimming pool for guests on the roof (…). The building will have nine floors in total, two of which will be used for parking (…).

Antonio Catalán, leader in the sector

AC Hoteles, from Antonio Catalán, is one of the leading chains in the hotel sector in Spain. It was founded in 1997 by this established Navarran businessman, who previously sold the NH chain to an investment fund for €70 million. After founding AC Hoteles, Catalán sold half of his shares to the chain Marriott for €80 million. Today they have more than 140 hotels open or under development around the world (…).

Original story: El Mundo (by Sergio Aspas)

Translation: Carmel Drake