Partners Group has acquired a majority stake in Spanish hospitality platform Bluesea Hotels.
The global private markets firm, acting on behalf of its clients, has invested an unspecified sum to acquire its interest in the platform that operates a portfolio of 25 hotels with around 5,100 rooms.
The agreement involves partnering with mid-market private equity firm Portobello Capital and obtaining a seat on Bluesea’s board of directors.
Partners Group, alongside Portobello and Bluesea’s management team, will drive value creation across Bluesea’s portfolio. Initiatives will include refurbishing existing properties, expanding ancillary services, improving operational efficiency and acquiring new hotels, the private markets firm said.
Geoffrey Bonnefoy-Cudraz, member of management of real estate at Partners Group, said: “Bluesea’s established hotels are located across some of Spain’s most popular holiday destinations, with established operating track records and consistent occupancy levels.
“A key part of our value creation plan will be making strategic acquisitions to build Bluesea’s platform, capitalising on the highly fragmented three- to four-star hotel segment in Spain, which represents the majority of the country’s hospitality market.”
Stephen McCall, managing director, head of real estate platforms & OpCos, Partners Group, said: “Hospitality is one of our global high-conviction strategies. The operationally intensive nature of the sector offers significant value creation potential and fits well with our focus on transformational investment.
“This approach requires an entrepreneurial mindset together with a deep understanding of brand, consumer behaviour, and local market dynamics. We have made it a priority to build vertical depth through our strategic operator relationships, local presence, and globally integrated platform and continue to look for investment opportunities across the segment.”
To read the latest IPE Real Assets magazine click here.
