Mazabi buys four-star ski resort hotel

Mazabi, the Spanish real estate family office, has bought the Aragon Hills & Spa hotel, located in the Formigal-Panticosa ski resort for an undosclosed sum from an unknown seller.

The four-star property has 157 rooms and the new owners are searching for an operator to run the asset.

With this latest acquisition, Mazabi now has 19 hotel assets.

Why it matters

While transactions have been few and far between across much of Europe, they seem to be going through with some regularity in Spain. The market for leisure-focused properties shows no signs of slowing down and as this deal proves it's not all just about beach destinations. Mountain destinations have also done a better job in attracting visitors outside the traditional winter season, meaning that hotels could get a sustained bump in arrivals over the summer.

What they said

Javier Oroz, director of hotels in Savills, which advised on the deal, said: "There is a great opportunity for profitability and repositioning in mountain destinations, thanks to the good performance of the demand for leisure and the scarcity of a quality offer. Aragón Hills is the benchmark hotel in Formigal, a destination with a very positive operational growth trend.”