U.S. firm forms €500m Spanish hotel JV
Starwood Capital Group has formed a joint venture with HI Partners to invest in the Spanish hospitality market.
Starwood Capital Group, through an affiliate of Starwood Global Opportunity Fund X, will own 70 percent of the joint venture company, while HI Partners will own the remaining 30 percent. HI Partners — majority-owned by Banc Sabadell, the fifth-largest banking group in Spain — will serve as the manager of the joint venture, which is expected to deploy approximately €500 million ($554 million) in the Spanish hotel sector over the next three years.
The joint venture will focus its investment strategy on three- and four-star leisure hotel assets with more than 200 rooms in Spain’s primary tourist destinations, including the Balearic Islands, Canary Islands, Costa del Sol, Costa Dorada and Costa Brava. The joint venture also will consider special investment projects in high-quality urban hotels in Barcelona and Madrid. Completion of