Israel’s Nitsba Acquires Hotel Cortes in Barcelona for €9m

Main Photo: The Hotel Cortes, Barcelona

Date: March 2021

Location: Calle Santa Ana, Barcelona, Spain

Name: The Hotel Cortes

No. Keys: 44

Seller: Entrepreneur Rafael González Bonilla

Buyer: Israeli investment group Nitsba acquires 44-room Hotel Cortes in Barcelona from Rafael Gonzéalez Bonilla for €9 million. Natsiba primarily specialize in developing and managing residential and commercial projects, mainly in Israel, but also in Europe.

The Hotel Cortés, which has a two-star rating, comprises 44 rooms and is located on Calle Santa Anna in Barcelona. The new owners intend to fully refurbish the establishment.

Nitsba was not the only company interested in acquiring the hotel, there were several companies who offered bids, such as REIT All Iron, which intended to enter the Barcelona market with its aparthotels business model, with this purchase.

Hotel Cortés’ new owner is a company specialised in developing housing and commercial projects. It also manages the assets, and, despite its activity being centred on it’s country of origin, it also has investments in Europe.

The deep tourist crisis is pushing hotel groups to sell their assets so as to assure liquidity when faced with the lack of revenue. Amongst the latest operations were the sale of H10 Ítaca for €20m to a family office and the sale of hotel Nobu to fund ASG for €80m.

Other establishments in the Catalan capital which were sold are the Mandarin Oriental, Fairmont Rey Juan Carlos I and Tryp Apollo. Sector’s experts predict constant trickling sales in the coming months before tourism’s slow recovery.

Price: €9m

Price per Key: €205k

THPT Comment: According to Iberian Property, several hotel sales in this hitherto strong hotel market city of Barcelona. Surprised that Mr Bonilla didn’t undertake the refurb that Nitsba are promising us.

First Seen: Iberian Property

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