Elaia Buys a Hotel Complex in Menorca for €17.5 Million
Date: March 2018
Location: San Luis Waterfront, Menorca, Spain
Name: Eden Binibeca
No. of Keys: 150 apartments, three swimming pools, a restaurant and 9,005 sq. mtrs of space.
Seller:
Buyer: Elaia, a socimi 66%-owned by Batipart, mainly specialises in tourist accommodations, a sector that accounts for 86% of its portfolio of assets.
Elaia Investment Spain is fattening its asset portfolio through new acquisitions. The socimi reported today that it had bought a hotel complex in Menorca for 17.5 million euros. The socimi advised the Market Alternative Stock Market (MAB) that asset will be operated by Pierre & Vacances, who have a taken a long-lease and already runs eight of the socimi’s assets.
Batipart, mainly specialises in tourist accommodations, a sector that accounts for 86% of its portfolio of assets, which is currently made up of two residential buildings in Madrid, six tourist apartment complexes and six hotels.
Price: €17.5m
Price per Key: €116,666
THPT Comment: Pierre & Vacances are an interesting company, with a long history in tourist apartments. They operate Centre Parcs managing catering at all the sites in France and Germany, Adagio (a JV with Accor) with 31 Aparthotels in Europe, Maeva with 66 residences in France & Spain, Premium with 53 up-market residences in France, Iberia, Greece, Croatia, the Antilles and Mauritius, Holiday Villages with 16 locations in France, West Indies & the Canary Islands, as well as the main brand with 186 holiday residences.
First Seen: Aura