Spanish REIT Hispania has announced the acquisition of five hotels in Madrid and Gran Canaria and two office buildings in Madrid and Barcelona for a total of €126 mln.
Spanish REIT Hispania has announced the acquisition of five hotels in Madrid and Gran Canaria and two office buildings in Madrid and Barcelona for a total of €126 mln.
Hispania said it plans to invest a further €14 mln to renovate some of the assets. The company has bought the four-star Holiday Inn hotel in the Azca central business district of the Spanish capital. The property offers 313 rooms.
The transaction was carried out through the acquisition of Leading Hospitality, the owner of the hotel currently in receivership.
On Gran Canaria, Hispania has reached a binding agreement with Dunas Hotels & Resorts to acquire four hotels with a total of 1,183 rooms in Maspalomas, to the south of the Island. As part of the deal, Dunas Hotels & Resorts will continue to operate the hotels under a new 10-year lease.
The acquisition is conditional upon approval of the creditors' agreement.
The two office buildings acquired are located in Madrid's Principe de Vergara and Barcelona's Gloriès district and provide a total of 8,125 m2 of space. They are respectively 100% and 82% leased.
The deals come hot on the heels of Hispania's announcement that it had completed the first phase of a hotel joint venture agreement with operator Grupo Barceló through the purchase of an 80.5% stake in Bay, the owner of 11 hotels.
Hispania has invested €123 mln to buy the interest in Bay Hotels & Leisure, which owns 11 vacation hotels with 3,946 rooms, located in the Canary Islands, Balearic Islands, Huelva and Almería and a shopping centre located in Fuerteventura.
The portfolio was last valued at €229 mln, roughly 10% more than Hispania's acquisition price of €207 mln, the group added.