Madrid-based BBVA Renting has acquired the Sol Pelicanos Ocas hotel property located in Benidorm, near Alicante from Spanish hotel group Sol Melia. The transaction price amounts to nearly EUR 74 mln.
Madrid-based BBVA Renting has acquired the Sol Pelicanos Ocas hotel property located in Benidorm, near Alicante from Spanish hotel group Sol Melia. The transaction price amounts to nearly EUR 74 mln.
In a statement to the Spanish stock market regulator CNMV on Tuesday, the hotel chain said that the operation generates a capital gain of nearly EUR 56 mln for the group.
Following the sale, Sol Melia will continue to manage the hotel property under a 10-year lease agreement and will also retain a pre-emption option to buy back the asset at the end of the lease agreement. The three-star hotel asset offers 794 hotel rooms and is situated on the Benidorm beach.
The Spanish company said the disposal is in line with the group's asset rotation policy and its strategy to raise liquidity levels to facilitate new projects.
'Similar to previous operations, the sale allows Sol Meliá to continue to make progress in improvements to its portfolio and enhance its brand equity, adding new products and growth based on management, franchise and lease agreements,' it said.
