Date: March 2018
Location: Madrid, Sevilla, Palma de Mallorca, Santiago de Compostela and Valencia, Spain
Name: Hotel Rey Don Jaime, Valenica – four stars (319 rooms), and others
No. of Keys: 900
Seller: Atitlán is continuing to shake up the real estate market with its operations, in this case focusing on the hotel sector.
The investment firm owned by Roberto Centeno and Aritza Rodero has sold six hotels to a new Socimi in the sector that is being promoted by Bankinter.
According to sources familiar with the operation, speaking to Valencia Plaza, the asset sale has included the Hotel Rey Don Jaime de Valencia, amongst others.
Atitlan, started buying the hotels in 2013. The purchase of the Hotel Rey Don Jaime from Grupo Beatriz, whose management was entrusted to the operator Hotusa.
That acquisition was completed in 2015 when the hotel was in the midst of a redundancy program.
According to reports at the time by the Valencian edition of El Mundo, the investment made by the new owner – Atitlán – was €5 million. The 14-storey building is one of the largest hotels in terms of capacity in Valencia.
Buyer: The buyer, in that case, was the US fund Harbert Management Corporation, which made its debut in Valencia through this operation hand in hand with the property developer Momentum Real Estate Investment Managers.
Atom Hoteles Socimi: Sources familiar with Atitlán’s hotel operation add that the company that has acquired the assets is Atom Hoteles Socimi SA, a firm promoted by Bankinter, which owns 19 hotel establishments in total spread all over Spain.
The bank has also been silent about the project, although the Mercantile Registry reveals that the new company, which was constituted in January, is chaired by Eduardo Ozaita Vega, the Director General of Bankinter.
At the end of last year, market sources revealed Bankinter’s intention to launch a Socimi focused on the hotel sector this year for its private banking clients, in which it will maintain a stake of around 10%.
The entity led by María Dolores Dancausa plans to launch this investment vehicle on the Alternative Investment Market (MAB) with a share capital of around €200 million, for those clients whose wealth exceeds €1 million. The minimum investment to participate in the Socimi will be €200,000 per client, up to a maximum of 15% of total assets.
THPT Comment: We’re confused! We shall explore more and update this post.