Global investment giant AXA Investment Managers - Real Assets (AXA IMRA) has completed the acquisition of a 55% stake in the Hilton Diagonal Mar Hotel in Barcelona from Iberdrola Inmobiliaria for €80 mln.
The 4-star hotel, which is operated by Hilton Hotels on a long-term lease, comprises 430 keys on 24 floors, covering a total of 30,000 m2. The deal was made on behalf of AXA Insurance Companies.
'The hotel is located in one of the most attractive parts of Barcelona, a city that remains one of the preferred destinations for foreign visitors to Spain, with a balanced mix of both leisure and business visitors,' said Laurent Jacquemin, European head of transactions at AXA IMRA.
'The Spanish market outperformed most European markets during 2016, driven by Barcelona, where a ban on some new hotel developments should combine with positive economic growth and rising tourist numbers to continue driving growth,' he added.
The Diagonal Mar Hotel adds to AXA IM - Real Assets’ €2.6 bn hotel portfolio managed on behalf of its clients.
'The asset represents a strong addition to our growing portfolio of hotels, aiming to provide stable income and to offer longer term asset management upside potential, and is likely to attract increasing leisure and corporate business,' Jacquemin concluded.
