Saudi Arabian investment firm Olayan Group has acquired the Mandarin Oriental Hotel in Barcelona from Reig Capital Group.
Financial details were not disclosed.
The luxury hotel is situated on the prestigious Passeig de Gràcia, a shopping avenue in the heart of Barcelona’s city centre.
The luxurious 5-star, 120 key hotel features a spa, a rooftop pool with city views, and an indoor pool. Each room and suite has been designed by Patricia Urquiola. It opened in 2010.
Barcelona continues to show strong performance having recorded an 11% ADR recovery in 2022 versus full year 2019, according to STR data.
JLL’s hotels and hospitality team represented Reig Capital Group in the sale to The Olayan Group.
Patrick Saade, senior managing director of EMEA hotels & hospitality capital markets at JLL, said: 'The Mandarin Oriental Barcelona is one of the most luxurious assets in the city, benefiting from an immaculate location and an outstanding brand.
'Investor appetite for the asset has been plentiful despite the challenging capital market environment.
'Investors have taken notice as luxury hotels have become an increasingly institutional investment and changing consumer preferences give rise to new investment opportunities.
'Hospitality is in the spotlight for investors looking to deploy capital in our ever-evolving real estate asset class.'
