Tag: hotel management contracts

Baraka to Invest Nearly €20 Million to Acquire and Convert the Cinema Ideal into a 4-Star Hotel

8 November 2019 – Baraka is planning to convert the former Cinema Ideal in Alicante into a four-star hotel in a total investment of nearly twenty million euros. The firm is negotiating to buy the property from its current owners for approximately €6 million and to invest another 13 million euros in the renovation.

The firm is looking to convert the asset into a 60-room hotel, including a restaurant, gym and lounge bar. Baraka hopes to inaugurate the hotel in 2022. NH has agreed to operate the unit under its NH Collection brand during a 20-year lease.

Original Story: Alicante Plaza – Raúl Navarro

Adaptation/Translation: Richard D. K. Turner

Millenium Acquires Hotel Meliá Bilbao for €49.2 Million

8 November 2019 – Millenium Hotels has acquired the Meliá hotel in Bilbao for 49.2 million euros, according to a note sent to the Alternative Stock Market (MAB).

The hotel is located between the Euskalduna Palace and the Guggenheim, in the Basque Country. The previous owners of the asset included the Riberas family, which controls Gestamp. Meliá will continue to manage the hotel business.

Original Story: Cinco Dias – A. S.

Adaptation/Translation: Richard D. K. Turner