JPI Hospitality Investors Club has bought the 4-star Hotel Tres Playas in Mallorca for an undisclosed amount.
The property has 137 rooms, a restaurant, two bars, two outdoor pools, an indoor saltwater pool, a fitness area and massage rooms.
The transaction that has been advised by PKF Hospitality Group.
JPI Hospitality Investors Club was founded in summer 2021 with the plan to invest around 300 million euros in hotel acquisitions and refurbishments over the next 24 months across major European city and leisure destinations. It is linked to the JP Real Estate Group but has a number of outside investors.
The target hotels are typically positioned in the mid to upscale leisure and lifestyle segment and each will be developed as a one-off.
Like so many other hospitality investors, JPI is targeting traditional family-run hotels that have struggled or that have no clear succession plan.
Hotel Tres Playas is the second acquisition after the recent purchase of the Hotel Klausner in Kitzbühel, Austria in December 2021. Currently, JP real estate group owns 12 hotels (5 in development stage and 7 in operation) with around 2,000 keys in European city and leisure destinations.
What They Said
Daniel Jelitzka, founder of JP Real Estate Group and chairman of the advisory board of JPI Hospitality, said: “This deal further highlights our commitment to the hospitality sector, where we continue to see exciting opportunities to acquire high-quality, well-located assets with significant value-added potential. In doing so, we have a particular focus on sustainability. A circumstance that will play an increasingly important role in the future selection of hotels.”
Lukas Euler-Rolle, managing partner and CEO of JPI Hospitality, said: “We always look for assets where we can preserve established structures and then adapt these into a new concept in a contemporary form. Our experience will allow us to strategically invest in its facilities and rehabilitate the venue to its full potential and transform it into a hip lifestyle hotel.”