Spanish REIT Hispania is taking full control of Bay Hotels & Leisure in a transaction valued at €172 mln.
Hispania announced on 27 December that it was acquiring the 24% stake in Bay held by joint venture partner Barceló Group.
The price agreed for the acquisition of the shares came to €155 mln. Hispania agreed to pay an additional €17 mln to cover expected 2017 dividend payments for Bay and other settlement costs.
Hispania and Barceló listed Bay, their €790 mln joint venture, on the Madrid Stock Exchange in July 2017. Bay, similar to Hispania, was structured as a Socimi, the Spanish version of a real estate investment trust (REIT).
Marbella
Hispania has also agreed to acquire Hotel Barceló Guadalmina in Marbella for a total €19 mln. The 4-star category hotel is located in Guadalmina Alta (San Pedro de Alcantara). The hotel was built in 2004 and has a total of 206 keys. Hispania already owns the 178-key Hotel Guadalmina on Marbella.
Hispania said that the two transactions consolidate its positions as the largest hotel owner in Spain with more than 13,100 keys and as the main institutional investor in the resort segment.
