LaSalle Acquires NH Collection Gran Hotel Calderon, Barcelona on Behalf of Encore+ Fund For €125m
Main Photo: The NH Gran Hotel Calderon
Date: July 2021
Location: Ramblas Catalunya, Ensanche District, Barcelona, Spain
Name: NH Collection Gran Hotel Calderon
Number of Keys: 225
Seller: NH Hotels, part of Minor Hotels – MINT
Buyer: LaSalle has acquired NH Collection Gran Hotel Calderon located on Ramblas Catalunya in the Ensanche district of Barcelona. The hotel has been purchased from NH Group SA on behalf of Encore+, LaSalle’s flagship pan-European fund.
As the third most visited European city, with over 22 million overnight stays in 2019 Barcelona benefits from a historically strong tourism sector and the market enjoyed steady revenue-per-available-room growth over the last decade, reaching the highest average rate in the Spanish urban market in 2019. As the recovery in international travel steadily accelerates, the city is well positioned to rebuild its leisure and business travel industry as travel recovers.
The 5-star NH Calderon hotel, in the heart of the city is positioned to benefit from this strong demand to come as it is well connected to all areas of the city within a few minutes’ walk of Plaza de Cataluña and only 150m from high quality retail and Gaudi architecture of Paseo de Gracia. It is located within a 20-minute drive of the El Prat Barcelona Airport.
The acquisition highlights the Fund’s commitment to investing in good value opportunities with strong recovery opportunities in exciting urban locations. With a prime location in a global tourist city, the Gran Hotel Calderon acquisition further diversifies and strengthens the Fund’s geographic footprint.
David Ironside, Fund Manager of Encore+ at LaSalle said: “This was a rare opportunity to acquire one of the leading hotels in Barcelona, a city which has been of the strongest and fastest growing hotel markets on the continent. As we diversify geographically and increase our exposure to the alternatives sector, this asset will contribute to the Fund performance.
Francesco Coviello, Head of Transactions for Southern & Central Europe at LaSalle said: “We are pleased to be acquiring the NH Collection Gran Hotel Calderon in Barcelona as we continue to build out our European real estate presence. The combination of the hotel’s prime location, the city’s historically strong leisure sector and the pent-up demand for international travel all serve to highlight the potential this acquisition represents.”
LaSalle was advised by Hogan Lovells for Legal and Tax, JLL Hotels & Hospitality Group as a commercial advisor Hollis Global for Technical.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, they manage approximately $71 billion of assets in private equity, debt and public real estate investments as of Q4 2020. Their client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe.
Price: €125m
Price per Key: €555,555
THPT Comment: A good price for Encore+ for this five-star hotel in a great location of Barcelona. We understand it’s a sale and leaseback deal, so good for NH/MINT as well.
First Seen: Property Funds World
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