Meridia is partnering with B&B Hotels to develop a low-cost hotel platform in Spain. The management company led by Javier Faus plans to invest €200 million in Spain, making it a key financial partner for the hotel group.
With this investment volume in mind, Meridia will acquire land on the outskirts of large cities to build budget hotels with between 100 and 200 rooms. These will be leased on a fixed lease to B&B Hotels in an operation that has been advised by the law firm Garrigues. This strategy will be developed by Meridia together with Lexxa Hotels, which will assist in the search for opportunities, execution of development works, financing and exit.
B&B Hotels is intensifying its growth in the Iberia region, with an established presence of 45 hotels in Spain and eleven in Portugal, providing guests with more than 5,000 rooms. To support this expansion process, Meridia will become a key financial partner, facilitating ongoing development through its scalable programme.
As highlighted by both firms, all hotels will be built and operated according to sustainability standards and will seek international certifications such as LEED or BREEAM.
Through its Meridia IV fund, Meridia has made the first investments in Spain for this programme, having acquired land in Vallecas (Madrid), Seville and Vilaseca (Tarragona). These plots of land will allow the development of four establishments which, together, will have more than 500 rooms. It is estimated that these hotels will be operational from 2024. Meridia continues to evaluate similar opportunities in locations with high demand for this type of product, and plans to make further investments in the coming months.
