The 225-bedroom hotel was acquired for 125.5 million euros through a sale and leaseback structured deal. NH Hotel Group will continue to operate the hotel, which had undergone an extensive refurbishment in 2016 after an investment of more than 11 million euros.
With this operation, NH plans to generate a capital gain net accounting of 46.7 million euros and a net cash after the payment of taxes on the sale of 113 million euros.
The group points out that the transaction will allow it to complete this year asset rotations worth approximately 200 million euros, which will go to strengthen liquidity and reduce its level of indebtedness.
Located on the Rambla de Catalunya, the NH Collection Gran Hotel Calderón is one of the most representative hotels in the city. Have 5 star category and it has 255 rooms spread over eleven floors, plus a swimming pool on the terrace, which offers one of the best panoramic views in all of Barcelona.
NH assures that it received “a very relevant number of offers non-binding “, with a subsequent round of improvement and exclusivity period to finally opt for the best offer received, which was that of LaSalle Investment Management.
The lease will be variable, which is defined as a percentage of income, with a guaranteed minimum rent that represents a return of 4.14% on stabilized fixed income from the third year.
During the first two years, an increasing fixed income has been agreed in order to adapt to the post-COVID scenario “with ease,” according to the company.
JLL has advised La Salle on the acquisition of NH Collection Barcelona Gran Hotel Calderón. NH Hotel Group was unrepresented.
This asset marks the second hotel in LaSalle’s current portfolio.
Francesco Coviello, Head of Transactions - CEE and Southern Europe, LaSalle, commented: «We are excited about this acquisition – Spain continues to remain a sought-after hotels market in Europe and the NH Collection hotel in Barcelona is excellently located to attract tourists and good footfall.»
Ana Ivanovic, Hotels and Hospitality, JLL commented: «Despite the obvious challenges that the hospitality industry has faced over the course of the last 15 months, this deal is testament to the fact that investors’ confidence in the sector has not staggered. Core assets in key locations continue to attract significant volumes of capital. The scarcity of quality product in combination with Barcelona’s strong fundamentals are expected to attribute to the market’s recovery post Covid-19.»
