SCPI PFO, a fund managed by Perial Asset Management has bought Dolce Sitges Barcelona, a five-star hotel in Spain’s Catalonia region from global alternative investments manager Angelo Gordon for €63 million.
Reopened in the January 2020 after a renovation of the facilities, the hotel comprises 263 rooms, 23 meeting rooms, three restaurants, two bars, four outdoor pools, a spa, a gym and 215 parking spaces.
Grupo Hotusa has been selected to operate Dolce Sitges under the Eurostars brand. The operator has agreed a 30-year lease (including 15 years firm).
The return on the acquisition amounts to 6 per cent.
JLL acted on behalf of the seller.
What they said
Stéphane Collange, director of investments, at Perial AM, said: “With this acquisition, PFO is pursuing its diversification strategy, both typological and geographical. Our teams are also confirming their conviction regarding the strong recovery in the hotel business. Spain is one of our priority targets in the hotel industry as the 2nd tourist destination in Europe.”
Booming market
The purchase comes at the same time as another Sitges hotel changes hands, showing the continued strength of the Spanish hotel real estate market.
Spanish REIT Atom Hoteles recently sold the Hotel Ibersol Antemare in Sitges for €10 million to an undisclosed buyer.
Last year Investment in the Spanish hotel sector hit €3.3 billion, the country’s third highest investment year in history and up 3 per cent over the previous year, according to a report compiled by Colliers International.
Despite the continued macroeconomic uncertainty, Laura Hernando, managing director for Hotels, Spain at Colliers International told Hospitality Investor earlier this year that she was positive about the prospects for the new year but cautioned that “uncertainty will continue to accompany us.”