Tag: Wyndham

Oaktree Sells Hotel Dolce Sitges For €40M

3 July 2017 – Preferente

The US fund Oaktree Capital Management is going to sell the Hotel Dolce Sitges in Barcelona. Specialising in conferences and conventions, the establishment will now be taken over by Talus Real Estate, together with the US fund Angelo Gordon.

According to Expansión, the negotiations are already well advanced and the transaction is expected to be closed this week, for just over €40 million. Oaktree has been looking to sell this hotel for a year; it acquired the property in 2015.

Operated by Wyndham, the Hotel Dolce Sitges opened its doors in October 2004. It specialises in the MICE segment (meetings, incentives, conferences and exhibitions), as well as in high-end holiday tourism.

The 5-star property has 263 rooms, a spa and fitness centre. It also has four outdoor pools and one indoor pool, as well as 2,175 m2 of space dedicated to meeting and conference rooms, spread over 38 meeting rooms and an amphitheatre.

This operation comes shortly after Iberdrola Inmobiliaria sold 55% of the Hotel Hilton Diagonal Mar in Barcelona to Axa Investment Managers Real Assets for €80 million.

The area of Barcelona where this latest hotel is situated, Sitges, has more than 5,000 hotel beds and is enjoying a boom as a tourist destination, following several recent operations, such as HI Partners’ acquisition of Hotel Terramar and Leo Messi’s recent purchase of the boutique Hotel Mim.

Original story: Preferente (by R. P.)

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.

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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.

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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.

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Original story: Cinco Días (by Laura Salces)

Translation: Carmel Drake