17 November 2017 – Eje Prime
Change of tack in the Socimi universe in Spain. Hispania has sold the Hotel Sandos San Blas, located in Tenerife, to the Socimi Bay Hotels & Leisure for €26.6 million, according to sources at the company. The Socimi is owned by Hispania (80% stake)and the hotel chain Barceló (20%).
This is the first purchase operation that the Socimi has carried out since it started to trade on the Alternative Investment Market (MAB) in July. Bay has acquired all of the shares in the company Eco Resort San Blas, owner of Hotel Sandos San Blas, which has 331 rooms and a five-star rating.
The purchase has been financed using own funds and intra-group loans, and according to Hispania, the acquisition price of Eco Resort has been calculated on the basis of the valuation of Hotel Sandos San Blas (performed by CBRE in June) and the company’s net debt.
Bay’s most recent operations include the purchase of all of the shares in the entity Armadores de Puerto Rico for €6.2 million. That company owns a plot of land in Lanzarote on which the Socimi plans to build a luxury hotel with 225 rooms.
In July, the Socimi also completed the purchase of Fergus Tobago, located in Palmanova, Mallorca, for €20.5 million and Hotel Selomar, located in Benidorm, for €16 million. In terms of future investments, the group held real estate investment commitments amounting to €19.4 million as at 30 June 2017 (…).
The Socimi Bay Hotels & Leisure debuted on the stock market with a portfolio of 22 real estate assets, worth €790.39 million. They include 19 hotels, with 6,900 rooms, worth €756.29 million. Moreover, the Socimi owns two shopping centres, El Castillo I and II, and the Escala marina, all of which are located in the Canary Islands.
According to the latest available results, the Socimi Bay increased its profit by 87% during the first half of the year, to €102 million. Rental income from its hotels and shopping centres rose by 26.5% to €38 million.
Original story: Eje Prime (by C. Pareja)
Translation: Carmel Drake
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Source:: AURA Real Estate Experts