AXA Investment Managers - Real Assets has completed the sale of the Pullman Skipper Hotel in Barcelona to a Luxembourg fund.
AXA IM - Real Assets acquired the hotel in 2009, on behalf of one of its managed funds.
Located at the Olympic Harbour, the hotel has views over the Mediterranean. Its beach location, together with its close proximity to the city centre and popular tourist attraction, makes the Pullman Barcelona an attractive destination for international business and leisure travellers. The 5 star hotel comprises 241 bedrooms and suites, various food & beverage outlets including pool & rooftop bar, buffet & a la carte restaurants, as well as 1,000 sq m of conference and meeting facilities.
Since the 2009 re-branding to the Pullman name, the hotel has enjoyed national and international recognition and built up a strong track record. A high consumer demand and a well-balanced business and leisure guest market for hotels in Barcelona, coupled with the limited development pipeline for new assets, made the Pullman Skipper Hotel an attractive investment proposition to investors seeking a prime core asset the city.
AXA IM - Real Assets says: “On acquiring this asset we had a clear value-creation strategy in place and it is with great satisfaction to now see this executed. This disposal is testament to our ability to deliver on our stated aims, whilst demonstrating the market-leading expertise of AXA IM - Real Assets’ team, having transformed the Pullman Skipper Hotel into a prime hospitality asset. As one of the first movers back to Southern Europe real estate in 2008, Spain continues to represent a strategically important market for AXA IM - Real Assets and the size and success of this disposal provides us with impetus for our other Spanish investments, whilst reaffirming our confidence in this geography as an attractive location that can provide strong returns for the benefit of our clients.”
Source: PropertyFundsWorld