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Elaia concludes the sale of hotel portfolio for €45M
28 February 2020 | Vanessa Sousa

4 hotels belonging to REIT Elaia were sold to Swiss Life Asset Managers for 45 million euro.

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According to the release issued at the Mercado Alternativo Bursátil, this amount represents «one quarter of all the company’s assets’ gross value, according to the assessment from the 30th of June 2019» which set that value at 180.68 million euro.

3 hotels are located in the Balearic Islands and 1 is located in the Catalan Community. Hotel Valparaiso and Hotel Vistamar are located in the Island of Mallorca and on the Island of Menorca are located the Tourist Apartments Eden Binibeca. Gerona, Catalonia is the location of Hotel Monterrey.

This operation was concluded after at least 2 months of negotiations, a process in which took part consultants Catella and CBRE, according to newspaper Expansión. Clifford Chance and Pérez-Llorca also took part in this process as legal representatives of the Swiss insurance company and the REIT respectively.

This is not the first hotel operation carried out by Swiss Life in Iberia. Last July, the company bought Hotel Senator Parque Central in Valencia for 24.5 million euro and in September it purchased Hotel Exe Liberdade in Lisbon for 23 million euro.

This is REIT Elaia’s second sale within this segment. The first took place in January when it sold building Sants 387 for 11.7 million euro to Teleno Real Estate. The company is, according to the same newspaper, starting an asset rotation strategy.