20 February 2015 – Hosteltur
The French hotel group Eurohotel has acquired the Hotel Solvasa in Barcelona, its second property in the city, in a transaction that forms part of the chain’s expansion process.
The hotel will become the Eurohotel Barcelona Granvia Fira. It has 116 rooms, a restaurant, snack bar, gym, heated pool and spa. It has a 4 star rating and is located at the entrance to Feria 2.
Sources at Eurohotel have explained that the chain plans to operate all of the hotel’s services, even though the wellness centre and gym have not been operational until now. In addition, it will expand the gastronomic offering and strengthen its corporate and meeting facilities.
Following this acquisition, Eurohotel now owns 231 hotel rooms in Barcelona, located in two of the major business districts – Barcelona’s International Convention Centre and the Ferial venue on Granvia 2. The chain is based in Paris.
The group also owns the following hotels: the Eurohotel Castello in Castellón, a 4 star hotel with 146 rooms; the Eurohotel Barcelona Diagonal Port in Barcelona, a 4 star hotel with 115 rooms; and the Eurohotel Orly, Eurohotel Saint Denis and Eurohotel Creteil, all 3 star hotels in Paris, with 320 rooms in total.
Meanwhile, the Solvasa Hotel group owns properties in the Balearic Islands, Canary Islands and Valencia.
Horwath HTL and GMA Advisors were the advisors to the transaction. The former is a broker that specialises in hotel transactions. According to sources at Horwath HTL, “Barcelona is a favourite destination for international investors and operators, which have decided that they definitely want a presence in the city. Transactions such as the W Barcelona, which was advised from the start by Howarth HTL, represented a clear commitment to the sector by the city of Barcelona”.
According to the company, 18% of the transactions involving (operational) hotels in 2014 were closed in Barcelona, along with other transactions, amounting to €182 million, for properties to be converted into hotels and large transactions involving debt portfolios.
Original story: Hosteltur
Translation: Carmel Drake
Source:: AURA Real Estate Experts