Farallon and Reig Capital have put the 120-room Mandarin hotel in Barcelona up for sale, according to the El Economista newspaper.
The five-star hotel – located on Paseo de Gracia – has two Michelin-starred restaurants, 24 suites, a rooftop terrace and a 1,000 sqm spa. The hotel and two connected commercial premises which are included in the transaction, are valued at around €240 million.
The Mandarin Oriental was opened in 2009 and underwent refurbishment between 2017 and 2020. A further €300,000 renovation is set to be carried out, with the aim of increasing the value of the asset.
In 2020, the hotel was put up for sale with a valuation of around €200 million. In 2021, Asian businessman Mukesh Ambani expressed interest in acquiring the hotel. However, the transaction didn’t complete because Ambani offered €40 million, well below the hotel’s valuation at the time of €150 million.
The sale process is being run by JLL.
Farallon and JLL declined to comment. No comment was provided by Reig Capital at the time of publication.