A single hotel deal has made Hispania the biggest hotel owner in Spain, after the Spanish REIT purchased Hotel Selomar in Benidorm for around €16 mln.
The property has 245 keys and will be comprehensively refurbished, bringing Hispania's investment to a total of €33-35 mln. Barceló Group will operate the hotel through a lease contract with a fixed and variable component under the global agreement which exists with Hispania.
'By entering the Benidorm market, Hispania accesses a strategic market in Spain given its stable occupancy rate throughout the year and its high exposure to European tourists,' commented Concha Osácar, board member of Hispania.
Located on the key Benidorm beach Playa de Levante, Hispania said that the resort was one of the few destinations on the pensinsula to have a 12-month season and a large volume of international tourists.
After the acquisition, Hispania becomes the leading hotel owner in Spain with 11,021 keys across 38 hotels.
