Madrid-headquartered Room Mate Hospitality & Leisure has acquired Staying Valencia, a portfolio of boutique hotels and aparthotels in Valencia.
Financial details were not disclosed.
The acquisition marks a significant milestone in Room Mate Hotels’ expansion strategy, according to the firm, bolstered by the support of credit platform TPG Angelo Gordon and Westmont Hospitality, which together acquired Room Mate Hotels in 2022.
Staying Valencia operates a portfolio of 10 boutique properties in Valencia, including award-winning hotel Helen Berger.
Room Mate Hotels plans to integrate and rebrand these properties into its family of lifestyle hotels.
Jacopo Burgio, managing director, Europe real estate at TPG Angelo Gordon, said: 'We believe Room Mate now operates from a position of financial strength with no debt and a target EBITDA of €40 mln in 2025 for the combined entity.
'We are pleased to have helped Room Mate reestablish itself as one of the premier international hotel chains and look forward to continuing to support the company as it seeks to take advantage of exciting opportunities in the European hospitality sector and beyond.'
Westmont Hospitality added: 'Room Mate is on an exciting growth trajectory, underpinned by a strong balance sheet, an institutionalised management team, and a renovated hotel portfolio.
'This acquisition reflects our continued commitment to support the company’s continued expansion into fast-growing hotel and tourism markets like Valencia through the addition of high-quality assets.'
Kike Sarasola, founder and president of Room Mate Hotels said: 'We are thrilled to add Staying Valencia to our portfolio of centrally located lifestyle hotels. Valencia’s cultural richness and the company’s hospitality philosophy perfectly aligns with Room Mate’s values.'
Room Mate Hotels’ acquisition of Staying Valencia follows its recent acquisition of The Lime Tree Hotel in Belgravia, London in late 2023, as well as its recent opening of the Palazzo Dei Fiori by Room Mate in Venice.
With this transaction, Room Mate Hotels will operate 32 properties across Spain, Italy, the Netherlands, the UK, and Turkey. The company is also preparing to launch its “Room Mate Collection” brand, designed for travelers seeking an elevated and distinctive luxury experience.
Clifford Chance (Legal), Perez Llorca (Tax & Structuring), Jones Lang LaSalle (Commercial), PwC (Financial) and Arcadis (Technical) served as advisors to Room Mate Hotels in the transaction. JJL, led by Javier de Miguel, served as financial and legal advisor to Staying Valencia.
