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AXA IM acquires 55% of Hilton Diagonal Mar Hotel in Barcelona for €80M

AXA Insurance Companies has completed the acquisition of a 55% stake of Hilton Diagonal Mar Hotel, in Barcelona, to Iberdrola Inmobiliária, for €80M, via AXA Investment Managers – Real Assets.

This 4-star Hotel, managed by Hilton Hotels with a long term lease, has 30,000 sqm comprising 430 rooms across 24 floors, with 2,000 sqm of state of the art in-house conference facilities and extra amenities including a prominent beach club, two restaurants and fitness and sauna facilities. 25 minutes away from Barcelona Airport and near Barcelona Convention Center.

According to Property Magazine EU, this unit adds to the €2.6 billion hotel portfolio from AXA IM, managed on behalf of its clients. This is in line with its investment strategy of undertaking a full range of partnership options with best in class operating companies.

To Laurent Jacquemin, European Head of Transactions at AXA IM - Real Assets, «the Spanish market outperformed most European markets during 2016, driven by Barcelona, where a ban on some new hotel developments should combine with positive economic growth and rising tourist numbers to continue driving growth».

This Head of Transactions believes the Hotel «represents a strong addition to our growing portfolio of hotels, aiming to provide stable income and to offer longer term asset management upside potential, and is likely to attract increasing leisure and corporate business». He also reported that «our local teams, both in Spain and across Europe, remain well placed to continue sourcing opportunities that fit with our investment strategy and benefit our clients».