Tag: Tryp

Dazia to Redevelop Warehouse into Apartment Building in Madrid

30 July 2019 – Richard D. K. Turner

Dazia Capital, owned by Daniel Mazin, the heir to Tryp Hotels, has finalised the acquisition of a former industrial warehouse on Calle Anastasio Herrero in Madrid. The building had been used as a lumberyard until its closing several years ago.  

The company plans to apply for a change of use for the property and redevelop it into a 32-flat housing development. The warehouse has about 3,000 square meters of surface area. Construction is expected to begin in 2021, through Dazia’s subsidiary Darya Homes.

The acquisition was made through Dazeo, a joint venture between Dazia and the French fund Eurazeo Patrimoine. Between the land and its subsequent redevelopment, the firm will invest a total of 8.5 million euros.

Original Story: El Confidencial – Elena Sanz

The Race To Buy Hotels On The Costa del Sol Intensifies

29 August 2017 – Málaga Hoy

More than 20 hotels along the Costa del Sol and in Málaga have changed hands in just three years. The exceptional data in the tourist sector and the lack of interest in other assets have converted hotel investment into a highly disputed prize. At the beginning of August, Internos Global Investors, a real estate investment fund founded in 2008 by Jos Short and Andrew Thornton, two Brits with prior experience in the real estate sector in the USA, confirmed the purchase of Vincci Posada del Patio, a five-star property located in the centre of Málaga, for €26.7 million. This is just one example of a phenomenon that seems unstoppable right now.

In July, the Hotel Príncipe Sol de Torremolinos changed hands for the second time in two years. The Meliá group sold it in 2015 to the US investment fund Starwood Capital. That operation formed part of a global agreement comprising seven hotel complexes in Spain. Nevertheless, the US firm held onto the property for just 24 months and sold it in July to the British fund London Regional Properties.

At the beginning of the year, Hispania Activos Inmobiliarios (….) acquired its third hotel in the province: namely, the NH Málaga, a complex for which it disbursed €23 million with the commitment of undertaking an extension amounting to an additional €18 million. In 2015, it acquired Vincci Málaga (€20 million) and in 2014, it purchased the four-star Hotel Guadalmina from the Moroccan businessman Judas Azuelos in an operation estimated to be worth €21.5 million.

(…) One of the Hispania’s rivals in the hotel market is HI Partners, created by Banco Sabadell in 2015 (…). That entity currently owns more than 30 establishments, of which three are located in Málaga. In 2015, it purchased the Hotel Silken Puerta Málaga, which has been renamed Sercotel Málaga (…). In 2016, it acquired Incosol (…) and at the end of last year, it bought the four-star Hotel Málaga Palacio from the AC Group (…).

In addition, at the end of 2016, the French fund Foncière des Régions spent more than €500 million on 19 hotel establishments that Merlin Properties owned in Spain, including the Tryp Alameda in Málaga. That operation was signed almost at the same time as the arrival of Activum SG Capital (….), which acquired the Marqués de Sonora building located on Calle Granada from the Azucarera Larios company, which it plans to convert into a luxury hotel with 82 rooms.

Moreover, Mazabi, an investment fund that manages the wealth of eight Spanish families, acquired the former Hotel Senator de Estepona at the end of 2015 (…).

Plenty of other groups have also expressed their interest in joining the ever-expanding list of investors with properties along the Costa del Sol, including the Mallorcan entity Logitravel, the hotel group Palia and the Catalan firm Estival Group (…).

Original story: Málaga Hoy

Translation: Carmel Drake

Merlin Finalises The Sale Of Its Hotels For €500M+

28 December 2016 – Preferente.com

Merlin, a company listed on the Ibex 35, is finalising the sale of its hotels to the French Socimi Foncière des Régions, for a figure that exceeds €500 million. Advised by CBRE, it will be the largest operation carried out by a Socimi in 2016, excluding the integration of Merlin and Metrovacesa.

The portfolio of properties contains 29 hotels operated by different chains, including the Eurostars Grand Marina in Barcelona and the NH Sanvy in Madrid (pictured above). The hotels that share buildings with offices will be left out of the transaction, such as the Eurostars Torre Castellana, which is located in the Torre PwC, and the Novotel de Barcelona, which is next to Capgemini’s headquarters. The hotels have come from corporate operations with Testa and Metrovacesa.

In 2015, Merlin acquired Testa, the real estate subsidiary of Sacyr, for more than €1,790 million. As part of that transaction, it bought 12 hotels, valued at more than €380 million at the time. As a result of the integration of the tertiary assets of Metrovacesa, a deal that was closed this year, another 12 hotels, worth €258 million, were transfered to Merlin. In total, the Socimi has 4,495 rooms, in establishments operated by Barceló, Meliá, AC Hotels, Tryp, Holiday Inn, NH Hoteles and Exe. The Carris Marineda hotel in A Coruña and the Socimi’s 30% stake in Barceló Costa Ballena in Cádiz have been left out of the transaction. Moreover, Merlin already sold off one hotel in Perpignan (France).

The hotels account for around 7% of Merlin’s asset portfolio, worth €9,300 million in total and will generate expected revenues of €450 million following the integration of Metrovacesa approved in September. The properties are home to hotels such as the NH Collection Colón, the Paseo del Arte, Exe Puerta Castilla, Eurostars Gran Madrid, and Barceló Castellana Norte, all in Madrid. In Barcelona, the portfolio includes AC Forum and Tryp Aeropuerto, amongst others. In other locations, Merlin owns the Holiday Inn and Tryp Oceanic, both in Valencia, Playa Capricho (Almería), Costa Park and Tryp Alameda (Málaga), Tryp Jerez, and Barceló Corralejo (Las Palmas).

Original story: Preferente.com

Translation: Carmel Drake

Three Minority Shareholders Acquire Petit Palace Hotel Chain

19 September 2016 – Cinco Días

The Choice Hotels chain has had the doors to the Spanish hotel market closed in its face. The US group signed a pre-agreement with N+1 in July whereby the investment bank committed to sell its 52% stake in High Tech. Several minority shareholders then also joined the agreement, which is due to expire on 30 September.

However, three of the chain’s minority investors have opted to exercise their right of first refusal and acquire shares from other investors. In this way, on Friday, N+1 announced the sale of 26% of the company that it held through N+1 Dinamia Portfolio II, an operation that, excluding expenses, amounted to €9 million, given that it had valued its stake at €0.

Besides that stake, the investment bank also held another 26% stake in High Tech through several private equity funds, which it has also divested, according to sources familiar with the operation.

The three minority shareholders that now control High Tech are: Inversiones el Piles, an Asturian company that also owns 24.5% of Duro Felguera. It used to own 10% of the hotel chain, but now controls 54%. Alongside it is the company Edificio Miño, a private investment fund linked to one of the shareholders of Seguros Santa Lucía, which previously held 6.5% and now holds 11%; and General Oilex Company, the real estate group originally from Sweden, which has increased its stake from 5% to 35%.

These three investors, which have paid around €40 million for the 78.5% of the company that they did not control, have taken on all of its debt. They had been given the option to exercise their right to accompany the other investors in Choice’s offer or to exercise their right of first refusal; they opted for the latter.

The operation represents N+1’s exit from the hotel chain’s share capital, after it first became a shareholder in 2003. It also sees the departure of the founding executives of the company, which together held a 26.2% stake. On several occasions, some of the founders, such as Antonio Fernández and Javier Candela, expressed their interest in regaining control of High Tech, due to differences in terms of management and they tried to look for financial support from other investment funds. As such, over the last year, they have sounded out buyers including Hotusa.

High Tech operates 31 hotels in Spain, through the Petit Palace brand; it rents the majority and manages the rest. The chain has a strong presence in Madrid, where it manages 20 properties, as well as in Barcelona, Valencia, Sevilla, Bilbao and Málaga. In total, it has 1,966 rooms.

High Tech was launched 15 years ago by the team from Tryp, following the sale of that brand to the Escarrer family (Meliá). The founding team, which the other shareholders subsequently joined, created an urban brand, which suffered during the years of the crisis due to the high price of rentals and high financing costs. Sources in the market suggest that the new owners may be interested in valuing the company for its subsequent sale.

Original story: Cinco Días (by Laura Salces)

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

Meliá & Tryp Partners to Split Up in 2022

2/06/2014 – Expansion

Once the economic recession had loomed, many hotel groups strived for re-negotiating their management contracts. Meliá Hotels International, the chain run by the Escarrers, was no exception. But what seemed a simple rearrangement has become a long legal dispute with the happy end for 17 establishments of old owners of Tryp: Rufino Calero, Antonio Briones and the hiers of Max Mazin.

Another firm belonging to the same owners, Equity Inmuebles, agreed on the current contract termination in 2022, instead of initially set 2064 and without a renovation option.

In turn, Meliá will receive compensation deferred between 2013 and 2017 and return the property in the same condition as it took it over, apart from damage proceeding from habitual use. The hotel chain will intend 2.5% of its gross expenditures for maintenance of the hotels between 2019 and 2022.

The asset portfolio worth of over €124 million  includes five Meliá hotels in Baqueira Beret, Madrid, Marbella, La Coruña and Chiclana de la Frontera, the ME in the Plaza de Santa Ana square (Meliá´s flagship in Madrid), three establishments of holiday brand Sol and eight Tryp hotels. Among these, three located on the Gran Vía street, the most prominent shopping artery of the Spanish capital. Until 2009, the Hotel Rex belonged to the list as well, offering 144 rooms and also situated on the Gran Vía.

The conflict dates back to 2000 when the Escarrers bought the Tryp chain from Calero, Briones and Mazin for €360 million. Meliá acquired a company which managed about 60 hotels, with the ownership of Tryp.

Meliá asked Equity Inmuebles for cutting in the rental amount but the group refused. Both parts went to the court and agreed upon earlier termination of the lease contract. Meliá allegedly will be replaced with the Vincci Hoteles.

 

Original article: Expansión (by Yovanna Blanco)

Translation: AURA REE