Mon, 19/06/2017 - 09:50
Hispania, has acquired the Hotel Selomar in Benidorm with a total of 245 keys for circa EUR16 million. The beachfront hotel on Playa Levante also provides easy access to the popular historic ‘old’ town’ area of the city.
As part of the acquisition strategy of the hotel, Hispania will invest EUR17-19 million on a full refurbishment programme. Hispania’s total investment, including transaction costs and expected capex amounts to EUR33-35 million.
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.
Following the acquisition, Hispania is now Spain’s largest hotel owner with 11,021 keys across 38 different properties.
“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,” says Hispania board member Concha Osácar. “This transaction shows, once more, Hispania’s capacity to create value through individual transactions while increasing our exposure in the Mediterranean.”
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