The Abu Dhabi sovereign wealth fund ADIA is reportedly in advanced negotiations to acquire a portfolio of seven hotels in Magaluf, on the Balearic Island of Mallorca.
The investor is joining forces with local operator Mélia to acquire the assets from Aermont’s Avenue arm for an undisclosed amount, according to a news report by Spanish website El Confidencial.
ADIA is also said to be in final talks to buy a portfolio of 17 hotels in the country from Equity Inmuebles.
The €700 mln package includes the ME hotel located in Madrid’s Plaza Santa Ana, Meliá’s flagship in the Spanish capital; plus five other Meliá hotels in Madrid, A Coruña, Marbella, Chiclana de la Frontera and Baqueira Beret. It also comprises eight former Tryp hotels, including two on Madrid’s Gran Vía, and three other Sol vacation properties.
