Värde Partners sells hotel in Barcelona

Värde Partners has agreed to the sale of Hotel Barcelona Apolo in Barcelona to Meliá Hotels International, the current hotel operator, for €96 million ($113 million).

The sale was agreed through Dospuntos Asset Management, a Värde-controlled real estate company in Spain, formed in December 2017 from the residential developer Vía Célere.

Since the acquisition of the hotel in 2015, Värde has executed a series of value-creation initiatives, including refinancing the business and delivering a comprehensive investment program, to establish Hotel Barcelona Apolo as a leading destination for international tourists and corporate events.

“The timing of the sale reflects our conviction in the underlying quality of the hotel, and the enduring appeal of Barcelona as a destination for international capital. There was strong demand for the asset, demonstrating the attractive dynamics that underpin the Spanish hospitality sector, and its ability to thrive as lockdown