Date: July 2018
Location: Seville, Santa Cruz de Tenerife and Fuerteventura
Names: Meliá Sevilla, Sol La Palma (Santa Cruz de Tenerife) and Sol Jandía Mar (Fuerteventura)
No. of Keys: 1,112
Seller: Melia Hotels. The transaction, which will generate a net accounting profit of €6.6 million
Buyer: Socimi Atom Hoteles, in which Bankinter holds a stake.
The establishments will continue to be operated by Meliá by means of variable rental contracts (25% of the total revenues) for periods of 5 years, with a maximum of 4 extensions at the discretion of Meliá and up to a maximum of 25 years.
The operation represents an EBITDA (result before depreciation and amortisation) multiple of 13.9 times.
The hotel chain has said that this sale forms part of its “strategy to adapt the attributes of the brands of all of the establishments operated by the company”.
Price per Key: €66,000, but as part of the agreement, Atom undertakes to invest €20.2 million in the three hotels, whereby allowing their “repositioning”. Thus, the price per room after the investment will amount to €83,000.
THPT Comment: This is in addition to the six hotels Socimi bought off Atitlan in March 2018, which puts them just above 20 hotels across Spain. The company is chaired by Eduardo Ozaita Vega, the Director General of Bankinter.
First Seen: Aura Real Estate