CBRE Hotels has completed on the sale of six hotels across Spain on behalf of Melia Hotels International to US based Starwood Capital Group for €176 million
The hotels, branded under Melia´s Sol brand, are located in popular consolidated Spanish tourist destinations such as Ibiza, Mallorca, the Costa del Sol and the Canaries Islands. The hotels add almost 3,000 keys and include the Sol Lanzarote and the Melia Gorriones in the Canaries, the Sol Ibiza and Sol Pinet Playa in Ibiza, the Sol Mirlos Tordos in Mallorca and the Sol Principe in Torremolinos. The transaction is part of a joint venture agreement between the two groups that will help re-launch the Sol brand in Spain and develop it across other international destinations. Melia will continue to manage the hotels under a management agreement.
Jorge Ruiz, Head of CBRE Hotels Spain, commented: "We are delighted with the sale of this hotel leisure portfolio to Starwood Capital. The JV agreement between both parties reflects the extraordinary performance of the main Spanish tourist destinations. This transaction also proofs that the Spanish hotel market continues to be one of the most attractive hotel investment targets as Spain is the 3rd top world tourist destination".
This transaction confirms the strong interest from big international funds in having a presence in the Spanish hotel market, and the and the joint venture deal to re-launch the brand Sol confirms the investment market´s interest in Melia and represents a unique opportunity for growth for both parties, both domestically and internationally.