Panoram Hotel Management and Borealis Hotel Group have created a joint venture to allow Borealis expand in Spain and to jointly explore new hotel development opportunities.
The new JV will enable the creation of new business opportunities in the sector and strengthen the presence of internationally branded hotel groups in the country.
Borealis’ portfolio comprises 27 leased hotels across Europe, including the Netherlands, Belgium, Germany, Denmark, Austria, France, and Spain. The Dutch hotel operator, investor and developer also has a pipeline of developments in Italy, Portugal and the Nordics.
The companies have collaborated on several projects, including the joint project of the Hampton by Hilton Barcelona Fira Gran Via hotel. Currently, they are working on the development of two other hotel assets in the city of Malaga which are due to open mid next year.
What they said
Guillermo Perez Palacios, CEO of Panoram Hotel Management said: “Currently, international hotel brands have limited presence in the European territory. Specifically, 70 per cent of the hotel market in Spain is occupied by smaller brands and family offices. Hence, with a mere 30 per cent market presence, international brands have enormous growth potential. We are in an ideal context, and for that reason, Panoram and Borealis unite as two perfect and complementary allies to develop a business model capable of propelling the Spanish hotel sector as an attractive one for renowned international hotel groups.”
Lodewijk van der Meulen, co-founder of Borealis Hotel Group added: “Having solid presence in Europe and strong growth ambitions, we see there is a huge untapped potential in Spain to grow the presence of the internationally branded hotels, and thereby expanding our portfolio. By creating a joint venture with Panoram, we are confident that we can offer a solution for each hospitality stakeholder in Spain and realize our goals.”