Equity Inmuebles, which is mostly owned by the Calero, Briones, and Mazin families, has sold one of the largest hotel portfolios in Spain to a Middle Eastern sovereign wealth fund.
Financial details were not disclosed.
The portfolio comprises 17 full-service hotels located across Spain's most popular tourist regions. A significant portion is situated in Madrid, accounting for over 37% of the room count.
The hotels cater to various segments, including winter and summer leisure destinations, as well as corporate and MICE business.
Among the notable assets within the portfolio is the ME Reina Victoria by Meliá, a 18th century palace in Madrid's Plaza de Santa Ana.
JLL's hotels & hospitality Group led the transaction on behalf of Equity Inmuebles.
Patrick Saade, senior managing director of EMEA hotels & hospitality capital markets at JLL, commented: 'This historic transaction signifies a major milestone in the real estate market.
'The strong interest from global investors, particularly from the Middle East, who accounted for nearly 50% of transaction volume in Spain as of August 2023, underlines the resilient and appealing nature of the hospitality sector.
'It continues to be a prime focus for investors seeking dynamic opportunities within the real estate asset class.'
The seller was advised by Perez-Llorca (legal) and Cuatrecasas (Tax).
Photo credit: Luis García
