Europe Hotel Transactions Bulletin - Week Ending 15 September 2023

Pestana acquires the Pestana Vila Sol Vilamoura in Portugal from Santander

Portuguese tourism organisation Pestana Group has acquired the five-star, 189-room Pestana Vila Sol Vilamoura, part of the Vila Sol complex, for a total €43 million (€228,000 per key) for the entire complex, from international asset manager Santander AM. Pestana was already the operator of the property, which also includes 18-hole and 9-hole golf courses and additional land for further development of some 7,770 sqm. The hotel is located in Vilamoura in the Algarve, Portugal’s most southerly region.

Meridia acquires two hotels in Barcelona and Malaga, Spain

Spanish investment firm Meridia has acquired two hotels in Spain with a combined 213 rooms: the four-star, 110-room Gallery Hotel Barcelona in Barcelona’s city centre; and the four-star, 103-room Hotel Molina Lario in Malaga, for an undisclosed sum. Meridia is set to implement a CapEx programme on the properties in the future to upgrade them to the upper four-star segment. This acquisition marks the first investment for the newly raised Meridia V fund (the group’s fifth real estate fund), expected to be their largest vehicle to date.