Varde Partners sells Barcelona hotel, looks for more deals in Spain
Värde Partners, a leading global alternative investment firm, announced it has agreed to the sale of Hotel Barcelona Apolo to Meliá Hotels International, the current hotel operator, for 96 million euros. The transaction followed an open bidding process that attracted interest from more than 20 institutional investors.
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.
Since the acquisition of the hotel in 2015 Värde has executed a series of value creation initiatives, including refinancing the business and delivering a comprehensive investment program, to establish Hotel Barcelona Apolo as a leading destination for international tourists and corporate events.
“The timing of the sale reflects our conviction in the underlying quality of the hotel, and the enduring appeal of Barcelona as a destination for international capital. 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 Héctor Serrat, Managing Director at Värde.
"We continue to look for opportunities to invest across the Spanish real estate market, from both an equity and lending perspective, and believe we can play an important role in supporting hoteliers as they look to reopen and stabilize their businesses.”
Alfredo Laffitte, Director General of Dospuntos Asset Management, said: “Since acquiring the property we have made a series of improvements to the hotel, helping to drive revenue growth and enhance performance. This deal highlights the continued strength of the Spanish hospitality industry, and we look forward to watching the hotel’s sustained success in the future.”
Located in the cultural heart of Barcelona, the 4-star hotel is set against the iconic Apolo Theatre and in close proximity to many major tourist attractions and cultural landmarks. It has excellent transport links and sits next to Avinguda del Paral·lel, one of the city’s key arteries, connecting Montjuic trade center, the old town, the port and the beach.
Built in 1993, the hotel has 314 rooms and conference facilities for up to c.800 people across a total built area of over 17,000 square meters.