Spanish REIT Hispania has announced the acquisition of a 484-room portfolio of three hotels in Ibiza for a total of €32 mln.
The package includes the 182-room Hotel Galeón, the 196-room Hotel Cartago and the 106-room Hotel Club San Miguel. The assets are located on front beach line in the San Miguel Bay.
The operators will continue to run the hotels until the end of 2017.
Hispania plans to refurbish and invest significantly in the hotels, with construction work due to start at end 2017. 'The Balearic Islands, which we are gaining strategic exposure to, is a strategic market for Hispania. This transaction is an example of Hispania’s capacity to access complex opportunities with a high value add,' said Concha Osácar, board member of Hispania.
