Invesco Real Estate has completed the acquisition of the Radisson Collection Gran Vía Bilbao hotel from Hotei Properties Group for €42 million. The transaction was carried out on behalf of SPREA, the division of Santander Private Banking, and has been reported by the selling SOCIMI to BME Growth.
The asset had been debt-free since March 2026, when the debt was repaid upon maturity. This financial detail has facilitated the transaction as part of the SOCIMI’s balance sheet simplification strategy. The sale forms part of a broader process of adjusting its exposure in certain urban markets.
The Radisson Collection Gran Vía Bilbao is a five-star hotel with 137 rooms. It opened in 2022 following the conversion of a historic building constructed in 1950 by the architect Manuel Ignacio Galíndez Zabala, which for decades housed various banking institutions. Its location is one of its main attractions, as it is situated on Gran Vía, the city’s main thoroughfare, and less than a ten-minute walk from the Guggenheim Museum and other key areas of tourist and cultural interest.
The establishment holds LEED Platinum certification and features a rooftop restaurant, four meeting rooms, a gym and an indoor swimming pool. The property is operated under a lease agreement with Radisson Hotel Group, which manages eleven hotels in the Spanish market.
The acquisition is underpinned by trends in the tourism market. Spain welcomed 96.8 million visitors in 2025, while Bilbao Airport recorded 7.1 million passengers in the last financial year, compared with the 6.8 million recorded in 2024. According to the regional statistics office, overnight stays in the city increased by 7.8%.
The transaction marks the second deal between Invesco Real Estate and Santander’s asset management arm, following a previous deal involving land for 73 high-end homes in Madrid. For Invesco Real Estate, the purchase forms part of its 2026 objectives to facilitate private banking access to opportunities in private real estate markets.
With this transaction, Hotei Properties consolidates its exit from the Bilbao market, a city that is no longer considered strategic for the company. This decision is not an isolated one, but forms part of a broader repositioning towards hotel assets that are better suited to its new roadmap. The divestment of the Radisson Collection comes just a few months after the sale of the Meliá Bilbao hotel, which was completed in March for €63 million. Taken together, the SOCIMI has executed two sales in the capital of Biscay within a short period, totalling €105 million.
This move reflects a strategy to concentrate the portfolio on assets considered more aligned with the company’s current profile. The priority, as indicated by the information disclosed to the market, is to reduce geographical dispersion and enhance the average quality of the hotels it owns.
