Union Investment - Europe, Union Investment buys iconic Barcelo hotel in Barcelona for €37 million
Date: 05 Mar 2013
IHIF 2013: Union Investment buys iconic Barcelo hotel in Barcelona for €37 million
Union Investment has continued its expansion into the European hotel market with the purchase of the 4-star Barcelo Raval Hotel in Barcelona, Spain.
The hotel, acquired for €37 million, is leased to Barceló Hotels and Resorts on a 20 year lease, with an option to extend.
CBRE was appointed to sell the hotel with a €40 million price tag back in May last year (as reported by Propertymall.com).
The 186 room hotel, built in 2008, is centrally located downtown near the famour promenade Les Ramblas.
"Barcelona one of the leading travel and conference destinations in Europe, providing excellent conditions for our first hotel investment in Spain", says Dr. Frank Billand of Union Investment Real Estate.
In December 2012, Union Investment acquired its first Barcelo hotel, situated in Hamburg.
"Barceló is a new interesting partner for further transactions. We look forward to the international expansion of Barceló accompanying as an investor in strategic locations further" Dr. Billand said.
Barceló is the third largest Spanish hotel operator and one of the largest tour operators in the country, with 141 hotels in 17 countries across Europe, Latin America and the U.S.
Union Investment now has over 22 hotel brands worth 1.7 billion euros. In has the last three years, Union Investment has invested around 400 million euros in new hotel properties for its funds.
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Barcelo Raval hotel, Barcelona, Spain.