Hispania has acquired three hotels in Ibiza with a total of 484 keys for EUR32 million. The properties are the Hotel Galeón (182 keys); the Hotel Cartago (196 Keys); and the Hotel Club San Miguel (106 keys).
The assets are located in the San Miguel Bay, on front beach line and are the sole hotels within the bay.
The operators will remain operating the hotels until the end of the season 2017.
As part of the strategy behind the acquisition, Hispania will make a relevant investment plan in the hotels according to the final category of these, and the final negotiations with the operators, optimising the potential of the San Miguel Bay. Refurbishments will commence at the end of the 2017 season.
Ibiza has registered one of the best performances in the last years within the Mediterranean with high average incomes per key and optimum occupancy rates. The San Miguel Bay is an emblematic location with extraordinary natural beauty, where Hispania, through a strong investment in quality expects to boost, enrich and modernise.
Hispania considers there are attractive investment opportunities within the hotel segment, gaining presence in vacational locations of great future prospects and in privileged locations.
“The Balearic Islands, where we are gaining strategic exposure through this acquisition, is a strategic market for Hispania. This transaction is an example of Hispania’s capacity to access complex opportunities with a high value added component through the investment, allowing us to increase our presence in Ibiza where we already have the Hotel Barceló Pueblo Ibiza, recently refurbished” says Concha Osácar, Board Member of Hispania.
Source: PropertyFundsWorld