7 April 2016 – Expansión
The hotel real estate market in Sevilla is on a roll. In addition to several new projects, such as Hotusa’s plans for CaixaBank’s Torre Sevilla skyscraper and the hotel that will be opened in the former headquarters of Banco de Andalucía, promoted by Drago Capital, other properties are also now hanging up the ‘For Sale’ sign. According to local sources, another hotel that may soon change hands is the Tryp Macarena, one of the largest in the Sevillan capital.
The real estate company Nyesa has launched the sale of this property, located next to the Parliament of Andalucía, in the popular neighbourhood of Macarena. The starting price ranges between €40 million and €50 million, according to sources in the sector. The property has a four-star rating and 331 rooms.
Meliá is the chain that operates the hotel and the firm that sold it to the current owners in 2005 for €42 million. For the Bartibás family, which used to control the Horcona group, it represented its fourth hotel in Spain and the 25-year lease contract signed with the multi-national firm chaired by Gabriel Escarrer generated annual revenues of €2.2 million, according to Nyesa’s accounts.
According to sources at Meliá yesterday, “in most cases, when there is a transfer of ownership, the group continues as the manager, if that fits with the overall strategy”.
Nyesa Valores Corporación was created in 2008 from the integration of the real estate companies Nyesa and Inbesòs. Its huge debt, which exceeded €650 million at one point, forced it to file for bankruptcy in 2012, but it reached an agreement with its shareholders in 2014. Nevertheless, its shares are still suspended from trading and in 2015, its revenues amounted to just €2.6 million, compared with €186 million in 2008. After capitalising its debt, its shareholders include several banks, such as Popular (13.2%).
Original story: Expansión (by Lidia Velasco)
Translation: Carmel Drake
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Source:: AURA Real Estate Experts