- Total investment amounts to €85 million including both acquisition and refurbishment.
- The 5 assets comprise a total of 1,039 rooms.
- The Hotels are 3- and 4-star categories and are located in Benidorm, Roquetas de Mar, Salou and Lloret de Mar.
- The establishments will be managed by Pierre & Vacances, which operate a portfolio of more than 5,000 rooms in Spain.
Colliers has advised the international investment fund, Sixth Street on the acquisition of 5 vacation hotels worth €85 million including refurbishment. Said hotel assets were purchased freehold, and in the following months will be operated by Pierre & Vacances, which will add 1,039 rooms to its portfolio in Spain, offering more than 5,000 hotel rooms in the country.
This transaction is Sixth Street’s entry into the Spanish hotel market. Sixth Street is an international investment fund with more than $60,000 million under management. It partners with main international operators and invests in prime global tourism destinations.
“This transaction is great news for the vacation market. The entry of an investor of the stature of Sixth Street, in one of the year’s most significant transactions, confirms the existing investors’ appetite for the Spanish hotel sector. The partnership between Sixth Street and Pierre and Vacances, an experienced hotel operator, will allow them to benefit from opportunities present in the sector and to expand their initial portfolio”- commented Gonzalo Gutierrez, Director of Colliers’ Hotel department who lead the Transaction.