Elaia Concludes the Sale of Four-Hotel Portfolio for €45m

Main Photo: The Hotel Valparaiso Mallorca

Date: March 2020

Locations: Three hotels in the Balearic Islands – Mallorca and Menorca; One in Gerona, Catalonia.

Names: Hotel Valparaiso, Palma – five star and Hotel Vistamar, branded Pierre & Vacances, Portocolom – four star, both in Mallorca; Tourist Apartments Eden Binibeca, Menorca, also branded P&V; Hotel Monterrey Roses, four star, Girona, Catalan – and also branded P&V.

No. of Keys: TBA

Seller: REIT Elaia, according to the release issued at the Mercado Alternativo Bursátil, this amount represents one quarter of all the company’s assets’ gross value, according to the assessment from the 30th of June 2019, which set that value at €180.68m. Three of the four hotels were branded Pierre & Vacances.

Buyer: Swiss Life Asset Managers. This operation was concluded after at least 2 months of negotiations, a process in which took part consultants Catella and CBRE, according to newspaper Expansión.

Clifford Chance and Pérez-Llorca also took part in this process as legal representatives of the Swiss insurance company and the REIT respectively.

This is not the first hotel operation carried out by Swiss Life in Iberia. Last July, the company bought Hotel Senator Parque Central in Valencia for €24.5m and in September it purchased Hotel Exe Liberdade in Lisbon for €23m.

THPT Comment: Interesting move for Swiss Life, obviously bolstering up their hotel interests…where next?

First Seen: Iberian Property

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