Iberia-focused property investor Blasson Property Investments has inked its first deal in Spain, with the €180 mln acquisition of the Punta Negra Hotel in Mallorca.
The deal includes both the purchase of the asset and the necessary capex to be deployed in order to reposition the hotel in the 5* grand luxury segment.
The property is situated in the Costa d'en Blanes (Calviá) area on a small peninsula, and comprises 135 rooms distributed in 3 buildings and several bungalows, currently occupying an area of more than 28,000 m2.
Blasson is led by Antonio Pan de Soraluce, Francisco J. Meliá and Enrique Benjumea. Colliers, advisors to Blasson, said that the investor was looking for a brand such as Rosewood, current operator of the Villa Magna hotel in Madrid, or Mandarin, operator of the iconic Hotel Ritz, to run its trophy asset.
Laura Hernando, managing director of Hotels at Colliers said: 'Without a doubt, this transaction marks a milestone in the Spanish hotel sector, which takes another step towards gaining a strong positioning in the ultra-luxury segment.
'During the months in which this transaction has been conceived, we have been closely following the behavior of hotel establishments of this sort throughout the Mediterranean, and the figures achieved, despite the limitations of the pandemic, are surprising.
'They show the greater resilience of top-class hotels flagged by major international brands.'
