A fund managed by ActivumSG Capital Management, a private equity investment manager, has acquired the recently renovated Nobu Hotel in central Barcelona from Spain’s Selenta Group. The terms are not being disclosed.
Located in the heart of Barcelona, the 259 guest-room luxury hotel is a short distance from the major tourist sites. Selenta oversaw a 57 million-euro renovation of the 24-floor property for operator Nobu Hospitality.
”While the works completed in mid-2020, the five-star hotel will not open until Covid-19 restrictions are lifted on business and leisure travel to the capital of the Catalan region,” said the company in a statement.
“This property is a landmark on the Barcelona skyline and will set new standards in the city’s limited choice of five-star hotels. Our hotels strategy in Spain is a fantastic foundation on which to build as we look to put some of our latest fund’s capital to work in select opportunities across Europe. We have a strong track record of realizing our strategic themes through direct or indirect investments and the liquidity we are bringing to the hospitality sector will contribute to its recovery from this dreadful pandemic,” said Saul Goldstein, CEO and Founder of ActivumSG.
Nobu Hotel Barcelona is the sixth hotel in Spain owned by funds managed by ActivumSG. The other investments include the Hard Rock Madrid, the Palacio Solecio in Málaga and three hotels in Barcelona targeting the mid-priced to luxury segments of the market. Upon completion of two projects currently under construction, the four hotels in Barcelona owned by ActivumSG funds will provide a total of 1,150 guest rooms.
“This off-market deal is a feather in the cap for our team in 2020 and the result of our strong local network. Barcelona presents a compelling opportunity with strong long-term fundamentals for hotel investment as the world begins its long recovery from Covid-19. This investment will give our investors excellent exposure to a city which we expect will return to being one of Europe’s most visited destinations for tourists and a magnet for international business conferences and trade fairs,” said Brian Betel, ActivumSG’s Head of Direct Transactions in Europe.
Nobu Hotel Barcelona is an investment by ActivumSG Real Estate Fund VI, the latest fund established and managed by ActivumSG.