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ADIA to buy Spanish portfolio for €250m
The Abu Dhabi Investment Authority (ADIA) is in negotiations to acquire a 51 percent stake in the Calviá Beach Project, which includes seven hotels in Magaluf, from Avenue Capital, a U.S. multinational investment firm, while Meliá Hotels International would retain the remaining 49 percent, according to media outlets.
The transaction is valued at €250 million ($273 million).
The seven hotels include Meliá South Beach, Sol Wave House all Suites, Sol Barbados, Meliá Calviá Beach, Sol House The Studio – Calviá Beach, Sol Guadalupe and Innside by Meliá Calviá Beach, as well as the Wave Leisure Center House and the beach club Nikki Beach Mallorca.