Melia Will Make Gains Of €35m From Its Partnership With Starwood Capital

27 February 2015 – Cinco Días

The transaction amounts to €176 million.

Melia and Starwood Capital are going to create a joint venture for the purchase and operation of seven of the hotel chain’s establishments. The fund and the hotel chain will take an 80% and a 20% stake, respectively, in the new company, in a deal worth €176 million. The partnership has been made public in the same week that Barceló and Hispania announced the creation of the first Socimi in Spain dedicated exclusively to the vacational hotel sector, which will acquire up to 16 of the Mallorcan chain’s hotels.

The transaction will (also) serve to relaunch the Sol brand. In this way, the seven acquired hotels will be remodelled, which will require an investment of €30 million. Four of the establishments are located in the Balearic Islands, another two in the Canary Islands and one on the Costa del Sol.

Melia will operate the seven hotels for the next 15 years. According to the Relevant Fact submitted to the CNMV, the hotel transfer is pending the agreement of bank financing. Both sides hope to have the process completed by May.

The transaction will generate gains of €35 million for Melia and forms part of the company’s debt reduction program through the rotation of assets. The CEO of Melia, Gabriel Escarrer, said in January that the company expected to spend around €100 million on the rotation of assets this year.

Original story: Cinco Días

Translation: Carmel Drake

Wyndham Pays €50m For Dolce Hotels And Resorts

12 February 2015 – Cinco Días

The hotel chain strengthens its business tourism division as a result of the acquisition.

The hotel chain Wyndham revealed yesterday that it has purchased Dolce Hotels and Resorts for $57 million or around €50.4 million, to consolidate its position in the hotel segment dedicated to corporate and business tourism.

The US firm, a subsidiary of Wyndham Worldwide, which is listed on the NYSE, thereby takes on the management of 24 new hotels with more than 5,500 rooms. The establishments are located in the United States, Canada, France, Spain, Portugal, Germany and Belgium.


The US Group has confirmed that it will maintain and expand the Dolce brand alongside the other brands that it operates, including Wyndham, Tryp, Ramada, Baymont Inn and Travelodge. The group has 7,600 hotels in 71 countries and a total of 655,000 rooms.


In Spain, Dolce operates the Dolce Stiges, a hotel with 263 rooms, which Oaktree took ownership off at the end of last year, after it took on the €46 million debt that the previous owner, Ichindoney Parnership, held with one of its creditors, Allied Banking Corporation.


Original story: Cinco Días (by Laura Salces)

Translation: Carmel Drake