The Student Hotel (TSH) has secured a €90 mln loan to build two new hotels in Madrid and Barcelona.
Santander, Sabadell and HSBC banks lent the hotel developer and operator the money, which will be used to fund its five-year, €2 bn European investment programme.
Spain is a key market for TSH due to a supply shortage of student accommodation there, and the high number of students. The country is also a major tourist destination. The Amsterdam-based company intends to have €200 mln invested in Spain in two years' time and to have a quarter of its operating portfolio in the country by 2024.
The €90 mln loan will also contribute to refinancing existing TSH assets.
TSH currently has a 340-room property under development in Madrid, as well as a 3,500 m2 building with 300 rooms in Barcelona and a 327-room asset in San Sebastian. All are set to open in 2021.
