Spanish REIT Hispania, which focuses on offices, hotels and residential investments across Spain, has purchased a four-star hotel from the NH Hotel Group for €41 mln.
The property includes a total of 245 keys (133 existing keys, plus 112 keys relating to a planned extension) as well as significant space for events. The work to extend the hotel will commence this spring, and is expected to be finished during 2019.
NH Hotel Group will continue to operate the hotel through a long-term contract that includes a fixed rent for the first two years, plus a variable component once the extension has been completed.
The deal strengthens Hispania's presence on the Costa del Sol, and particularly in Malaga, where it currently owns the Vincci Málaga hotel. Hispania also increases its exposure to the NH Hotel Group, one of the largest hotel operators in Spain in the urban segment.
The deal follows the recent purchase of four hotel properties in the Canaries, bringing its total keys to around 10,800.
Hispania is the largest non-operator hotel owner in the country and the second-largest hotel owner in Spain.
