Plusell Blis Acquires Three Spanish hotels From Mutualidad de la Abogacía for €62.5 Million
Main Photo: Playa de Almuñécar (Granada)
Date: March 2022
Name: Hotel Vera Playa, Almuñécar Playa Spa Hotel, and a third property in Torremolinos
Location: Almería, Granada and Málaga, Spain
Number of Keys: 768
Seller: Mutualidad de la Abogacía
Buyer: Plusell Blis
Mutualidad de la Abogacía has sold three holiday hotels to the investor Plusell Blis for a total of 62.5 million euros.
The sale of the properties, which are located in Vera Playa (Almería), Almuñécar (Granada) and Torremolinos (Málaga), has generated a capital gain of around €4m for Mutualidad de la Abogacía.
The three complexes, which have a total of 768 rooms and a total area of 55,116 sqm,. All of them are leased and will maintain the lease contracts prior to this operation, which has been advised by Cushman & Wakefield.
“This operation consolidates the real estate investment strategy of Mutualidad de la Abogacía, which is none other than to generate value for our mutual members through the management of real estate with potential in the medium and long term,” says Carlos Pérez-Baz, director of real estate investments of the insurer.
Currently, Mutualidad de la Abogacía has a portfolio of 44 assets, with a total area of 223,221 sqm and a market value of more than €763m. In addition, it participates in the shareholding of the socimi Inbest Prime IV Inmuebles and in Almagro Capital, forming part of the board of directors of both entities; as well as holding shares in the real estate investment funds Meridia IV and Ardian Real Estate European Fund II.
According to Albert Grau, partner and co-director of Cushman & Wakefield Hospitality, “this investment confirms the existing interest in the hotel sector in Spain, especially in holiday destinations located along the entire peninsular coast, and not only in the destinations considered most prime The vacation segment remains attractive because forecasts point to its rapid recovery after the pandemic, which will make it possible to close new operations throughout 2022.”
Price: €62.5 Million
Price per Key: €81,600
THPT Comment: Hotel assets in Spanish holiday destinations have become more attractive despite the pandemic. Recent research suggests the recovery of the hotel sector will reach leisure destinations first.
First Seen: Iberian Property
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