Alternatives investor Värde Partners is to sell Hotel Barcelona Apolo to Meliá Hotels International, the current operator, for €96 million.
The deal followed an open bidding process that attracted interest from more than 20 institutional investors.
The 4-star Hotel Barcelona Apolo is located in central Barcelona, close to the Apolo Theatre and close to tourist attractions and cultural landmarks. Built in 1993, the 17,000 sq m asset has 314 rooms and conference facilities for up to 800 people.
The sale was agreed through Dospuntos Asset Management, a Värde-controlled real estate company in Spain, formed in December 2017 from the residential developer Vía Célere.
Major capital input to create leading destination
Since acquiring the hotel in 2015 Värde refinanced the business and invested in the hotel in order to establish it as a leading destination for both international tourists and corporate events.
“There was strong demand for the asset demonstrating the attractive dynamics that underpin the Spanish hospitality sector, and its ability to thrive as lockdown restrictions ease,” said Värde managing director Héctor Serrat who added that the firm will continue to look for both equity and debt opportunities for investment in the Spanish property market.