Equity Inmuebles Puts Portfolio 17 Hotels in Spain For Sale For €700m Currently Managed by Melia
Locations & Names: Across Spain… The portfolio includes the ME hotel in Plaza de Santa en Ana, in Madrid, as well as five other establishments in the Spanish capital, along with other hotels in Marbella, A Coruña, Chiclana de la Frontera and Baqueira Beret. The portfolio is completed with three Sol holiday establishments and eight former Tryp establishments, including two on Madrid’s Gran Vía.
Guide Price: €700m
Guide Price per Key: €280k
No. of Keys: 2,500
The Opportunity:
Equity Inmuebles wishes to sell it’s hotels. The company owned by several families has put 17 establishments managed by Meliá on the market. The operation is valued at around 700 million euros, according to El Confidencial .
The portfolio includes the ME hotel in Plaza de Santa en Ana, in Madrid, as well as five other establishments in the Spanish capital, along with other hotels in Marbella, A Coruña, Chiclana de la Frontera and Baqueira Beret. The portfolio is completed with three Sol holiday establishments and eight former Tryp establishments, including two on Madrid’s Gran Vía.
The owners of Equity Inmuebles are the Calero, Briones and Mazin families, surnames linked to the founding of the Tryp chain and whose ties with Meliá go back to 1999 . That year, the Majorcan chain acquired its rival for €360 million. However, these properties remained in the hands of the sellers, who signed a 75-year lease with Meliá.
With the 2008 crisis, and Meliá’s request to review the rents, the good relationship fell apart. After disputes in court, the leases were set to expire in December 2022, with no option to renew.
The 17 hotels total 2,500 rooms, which are divided almost 50% between vacation and urban , with the exception of the Royal Tanau Boutique Hotel in Baqueira, which has five stars and adds a batch of 128 apartments to the process.
The investment figure in the hotel segment in Spain reached €3,180 million euros in 2021 (considering hotels in operation, real estate for conversion into a hotel and land for hotel use), according to data from the Hotel Investment Report. In total, during the last twelve months, a total of 127 hotels and 22,249 rooms were transacted in Spain compared to 68 hotels and 7,228 rooms in 2020 .
Flag & Management: Flag free!
Current Owner: Equity Inmuebles, owned by several leading families behand the formation of Tryp Hotels
Main Photo: The jewel in the crown – The ME Hotel, Plaza de Santa Ana, Madrid
Financials: No doubt available upon EOI
Tenure: Mainly freehold we believe
Agent: As yet, not identified – THPT seeking information
Date Posted: March 2022
THPT Comment: Not every day a decent portfolio like this becomes available, at less than €300k a key – must be worth a close look
Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”
Each week we mail the opportunities posted in that period, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all.
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