Spanish REIT Hispania has added two hotels to its portfolio for a total of €27.9 mln.

Spanish REIT Hispania has added two hotels to its portfolio for a total of €27.9 mln.

Hispania paid for the Hesperia Ramblas hotel in Barcelona and the Vincci Málaga hotel from the €550 mln proceeds generated by its IPO in March 2014. The company has now invested €402 mln, more than 75% of these proceeds.

The acquisitions form part of Hispania’s strategy of investing in urban hotels. Hesperia Ramblas is a 3-star hotel with 70 rooms, located next to the Ramblas tourist area and La Boquería market in Barcelona. The acquisition includes retail space which is leased to a financial entity. The aggregate investment comes to €17.5 mln.

The 4-star Vincci Málaga has 105 rooms and is located next to the beach promenade in Malaga. The asset was acquired for €10.4 mln.