Perial Asset Management has acquired a 5-star hotel in Sitges, south-west of Barcelona for €63 million from Angelo Gordon, a global manager of alternative investments, on behalf of its SCPI PFO investment fund.
Sitges is one of the main resorts on the Spanish Mediterranean coast. It has many tourist and business attractions thanks to its proximity to the sea, the mountains and Barcelona. The city is known for its dynamism because many events are organized there every year.
The hotel, ideally located, 10 minutes from the sea, is surrounded by a golf course and enjoys great appeal.
A 30-year lease (including 15 years firm) was signed with Hotusa, one of the leading hotel operators in Spain. The company has operated more than 230 hotels under different models and brands for more than 40 years.
Built in 2006 and renovated in 2021, the building of more than 23,000 m2 has 263 rooms, 26 meeting rooms, 3 restaurants and 2 bars. In terms of leisure and services, the establishment offers 4 outdoor swimming pools heated by solar panels, 1 spa and a fitness room to its customers for a premium experience.
Perial Asset Management said the return on this acquisition amounts to 6% and is therefore accretive to the potential performance of the SCPI.
Stéphane Collange, Director of Investments said : ”With this acquisition, PFO is pursuing its diversification strategy, both typological and geographical. Our teams are also confirming their conviction regarding the strong recovery in the hotel business. Spain is one of our priority targets in the hotel industry as the 2nd tourist destination in Europe.”
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