Starwood will invest 500 million euros in hotels acquisitions in Spain
The US investment group Starwood Capital has partnered with HI Partners, a subsidiary of Banco Sabadell, to invest 500 million euros in buying hotels in Spain over the next three years.
Starwood and HI Partners will create a joint venture that will specialize in the acquisition of hotel assets located in major tourist areas such as the Costa del Sol, the Canary Islands, the Balearic Islands, the Costa Brava and the Costa Dorada. The targets are three and four stars hotels with more than 200 hotels rooms. Sellers can be both individual investors and hotel chains interested in divesting its real estate assets.
Starwood Capital Group will control 70% of the joint venture, which will be implemented by creating a limited partnership. The US group will provide the funds through the fund Starwood Global Opportunity Fund.
HI Partners will control the remaining 30% stake and will be responsible for the management of the company under the leadership of its CEO, Alejandro Hernández-Puértolas.
The alliance is the result of the numerous investment opportunities that currently exist in the hotel sector in Spain, which in 2015 broke a record with the sale of 143 hotels valued at 2,650 million euros, more than twice than in the previous year.