AREA Property Partners has angrily rejected a claim in a Spanish newspaper that its two hotels in Barcelona had been seized by the group's bank.
AREA Property Partners has angrily rejected a claim in a Spanish newspaper that its two hotels in Barcelona had been seized by the group's bank.
In a strongly worded statement issued on Wednesday, AREA said it was 'astonished by the inaccuracy' of the article which appeared in La Vanguardia on 4 September.
AREA said it wanted to clarify that the two hotels, La Florida and Miramar in Barcelona, had not been 'embargoed' or seized by Aareal Bank.
The pan-European real estate investment manager denied it had liquidated its Spanish subsidiary, as claimed in the newspaper. Rather it had closed down one operating entity that employed one person.
'It is completely untrue to say that both hotels have been without management since January. On the contrary, both hotels have been under the daily management of a general manager as well as Hamilton Hotel Partners acting as owner representative on behalf of AREA Property Partners,' AREA said.
The statement said that the hotels continued to trade with AREA's full support. 'AREA Property Partners has not been trying to sell the two hotels for the past 12 months and consequently has not sought offers for either of the hotels.'
AREA added that it was 'in constructive talks' with Aareal Bank, but it did not give details on the nature of the discussions.