Societe Generale subsidiary Genefim has purchased the 4-star Exe Rey Don Jaime in Valencia from Atom Hoteles for €50 million.
Located next to the Turia Gardens on Avenida de les Balears, the 14-storey property comprises 319 rooms, ten meeting rooms, an outdoor pool and a rooftop terrace.
Atom Hoteles says the divestment forms part of the company’s selective rotation policy aimed at optimising its portfolio and strengthening its position in the sector.
The hotel will continue to be operated by Eurostars Hotel Company (Hotusa Group).
Following the transaction, Atom Hoteles portfolio comprises 24 hotels valued at €858 million.
Victor Marti, CEO at GMA said: We are very satisfied with this further transaction as it brings along €25 million of value-add within this asset. And this is another deal where we have shown we are consistently extracting and delivering additional value in the management of Atom Hoteles portfolio. We have plans to launch a new international Pan-European Fund to promote our rewarding approach outside of Spain, where we are among the leading hospitality RE investors."