Hispania forms hotel REIT, pays €322 for portfolio
Hispania Activos Inmobiliarios has signed an agreement with hotel operator Grupo Barceló to create a Spanish hotel REIT exclusively focused on holiday resorts and targeting a minimum of 12,000 rooms in Spain.
Spanish REITs, known as Sociedades Cotizadas de Inversión en el Mercado Inmobiliario or SOCIMIs, have been increasingly active in the past couple years, following the modernization of Spain’s REIT structure in 2012 and the current strengthening in Spanish real estate fundamentals.
The Hispania/Barceló venture’s first acquisition is a 12-property portfolio for €322.9 million ($362 million). The portfolio consists of 11 hotels, totaling 3,946 rooms, and one shopping center. The assets are located primarily in Spain, specifically in the Canary Islands, Andalusia and the Balearic Islands.
The firms also have the option to acquire additional assets reaching more than 6,000 rooms across 16 hotels and two shopping c