Hispania has acquired the hotel Selomar in Benidorm with a total of 245 keys for c. 16 million euro. Reference hotel in Benidorm located in front line of the Beach “Playa de Levante” in Benidorm with easy access to the historical city centre. As part of the acquisition strategy of the hotel, Hispania will invest between 17-19 million euro in the full refurbishment of the asset. Total investment, including transaction costs and expected capex amounts to 33-35 million euro. Barceló Group will be the operator of the hotel through a lease contract with a fixed and variable component under the global agreement which exists with Hispania.
After this acquisition, Hispania becomes the leading hotel owner in Spain with 11,021 keys in 38 hotels.
Benidorm is one of the most consolidated touristic destinations and has some of the best beaches there are in the Mediterranean. Furthermore, Benidorm is one of the few destinations in the Peninsula which have a 12-month season and a high international touristic component, which makes it one of the most attractive destinations where to invest in Spain.
“By entering the Benidorm market, Hispania accesses a strategic market in Spain given its stable occupancy rate throughout the year and its high exposure to European tourists. This transaction shows, once more, Hispania’s capacity to create value through individual transactions while increasing our exposure in the Mediterranean”, says Concha Osácar, Board Member of Hispania.
Source : Company