Expo Hotel Valencia, Sold by Grupo Selenta To The Swiss Funds of Pictet
Main Photo: The Expo Hotel Valencia
Date: October 2022
Name: Expo Hotel Valencia
Location: Alameda, Turia Gardens, Valencia, Spain
Number of Keys: 377
Seller: Gruppo Selenta – the Mestre family
Buyer: Pictet Alternativa Advisors, with €609bn AUM
The largest hotel sale in the city of Turia since the pandemic . Funds managed and/or advised by Pictet from its alternative investment division, Pictet Alternativa Advisors have bought the hotel Expo Hotel Valencia , owned by Grupo Selenta.
The new asset of the funds linked to Pictet is a three-star hotel located in one of the main arteries of the city, Avenida Pío XII, just in front of the Alameda and next to the Turia gardens. It is an environment very well connected by public transport. The property has 377 rooms divided into different categories, a restaurant, bar, outdoor pool, terrace with panoramic views of the city and more than 1,500 square metres of space for meetings and events.
Pablo Granell, real estate manager at Pictet Alternative Advisors for Spain, said “this operation demonstrates the conviction we have in the Spanish hotel market, and in value-added strategies through the repositioning of assets and the search for more convenient operators and brands for their consolidation. After a comprehensive reform, following appropriate sustainability criteria, and under a top-level international brand, the new Expo Hotel Valencia will become one of the reference hotels in the city.
On the other hand, Jorge Ruiz, Head of Hotels Iberia at CBRE, points out that “this transaction demonstrates the high investor and financing appetite for opportunities that offer a repositioning angle in the Spanish hotel market. The fundamentals of our industry remain strong, especially in established tourist destinations such as Valencia.”
It is not the first operation that the Pictet Alternativa Advisors division has operated in Spain. So far this year, the company has registered the purchase of two luxury residential projects in Madrid located in the Salamanca and Chamberí neighbourhoods, together with Blasson and Lasabia respectively; the logistics center of Vilanova del Camí (Barcelona) to Abacus and the Comotex production center in Náquera (Valencia) in both sale & leaseback operations and the 5* Kimpton Aysla Mallorca hotel , in Calviá (Majorca), managed by InterContinental Hotels Group under its luxury lifestyle brand Kimpton Hotels & Restaurants.
With this movement, Pictet is the protagonist of the most important transaction in the Valencian hotel segment since the start of the pandemic. CBRE has advised on the acquisition and search for financing for the hotel together with Uría Menéndez and Pérez Llorca.
Price: €30m
Price Per Key: €80k
THPT Comment: Major deal for both parties…still leaves Selenta, under the ownership of Brookfield, with five luxury hotels, and a Nikki Beach and Hard Rock partnership. Pictet have a 200-year long history, founded by two young bankers (aged under 30) back in 1805! Great price.
First Seen: Brain RE News
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