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Transactions - MAY 15, 2019

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ASG signs Hard Rock International for €200m Barcelona seafront development

by Released

ASG, which targets special opportunities in Spanish and German real estate, has signed Hard Rock International to operate a new luxury hotel that it will build on the last available seafront plot in metropolitan Barcelona.

The investment of more than €200 million ($224 million) includes the acquisition of the site beside the Fòrum beach and marina in Sant Adrià del Besòs, which is connected by subway and tram to Barcelona’s city center. Construction of the 504-room hotel is scheduled to start in the second half of 2019 for an opening in early 2022. Hard Rock International will operate the hotel under a long-term management agreement.

The 31,000-square-meter (334,000-square-foot) Hard Rock Hotel Barcelona is part of a broader strategy of developing hotels in major tourist and business travel destinations in Spain where the offering has not kept pace with strong visitor growth.

It follows ASG’s announcement in February that it signed Hampton by

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