Main Photo: The Holiday Inn Express Bilbao
Date: July 2019
Location: Bilbao, Spain
Name: The Holiday Inn Express, Bilbao Airport
No. of Keys: 114
Seller: UK based Castlebridge, asset management for investors, with 21 hotels mostly under the IHG brands, with more in the pipeline. Most are in the UK, but also include Holiday Inn Express Gibraltar.
Buyer: Madrid-based hotel operator Continuum Hotel Services has acquired the 114-room Holiday Inn Express in Bilbao, Spain. The property, benefiting from excellent connectivity to Bilbao Airport, will continue to be operated by Continuum under a franchise agreement for IHG’s Holiday Inn Express brand.
Continiuum are headed up by Jean-Francoise Mabrut, previously asset manager for Accor running 300 of their hotels and Eduardo Irigoras, previously with HVS and Deloitte.
According to Paloma Arruti , director of JLL Hotels & Hospitality Group, ” this transaction highlights the high investment interest in the Spanish hotel sector. Investors are not only focused on Madrid, Barcelona or consolidated holiday destinations, but also those cities with a solid growth both economically and touristy, as is the case of Bilbao. ”
Price: Not disclosed
THPT Comment: Continiuum are known as a hotel management company, so is this a change in strategy?
First Seen: HVS Newsletter
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