Europe Hotel Transactions Bulletin - Week Ending 04 March 2022

Plusell Blis acquires three Spanish hotels from Mutualidad de la Abogacía

Hotel investor Plusell Blis SL has acquired a portfolio of three hotels located in Andalucia, Southern Spain, from Spanish non-profit insurance company Mutualidad de la Abogacía, for a reported €62.5 million. The existing operating leases for all three hotels will be maintained. The sale of the properties, which are located in Vera Playa (Almería), Almuñécar (Granada) and Torremolinos (Málaga), has generated a reported capital gain of around €4 million for the seller. The sale includes the 281-room Hotel Vera Playa and the 227-room Almuñécar Playa Spa Hotel, as well as a third property in Torremolinos.

Brookfield acquires Palladium Costa Del Sol from Pinebridge Benson Elliot

Canadian fund manager Brookfield Asset Management has acquired the 336-room Palladium Costa Del Sol in Benalmádena, Malaga, Spain from Pinebridge Benson Elliot, for a reported €55 million (€164,000 per room). Benson Elliot, as the company was then known, acquired the property, which was then called Playa Bonita and which was previously leased to Senator Hotels & Resorts, in November 2017. They then entered into a management agreement with Palladium Hotel Group, which reopened the property in September 2019 after a major refurbishment. The resort, which includes two swimming pools, four bars, five restaurants and a spa, will continue to be operated by Palladium.