Meridia has acquired the Ibis Alcorcón Tresaguas hotel, a 157-room property situated in the Madrid metropolitan area, which joins the Meridia V fund and expands the select-service accommodation platform that the management company is developing in Spain.
Following the purchase, its hotel portfolio in Madrid now totals 543 rooms spread across three properties located in the city centre, the airport area and the metropolitan outskirts – a combination through which it aims to achieve greater operational scale and diversify demand across different traveller profiles.
The hotel is situated next to the TresAguas shopping centre and benefits from good road and public transport links. Its location enables it to cater to both the corporate and leisure segments, within a market where the management company identifies scope for growth for limited-service establishments.
Meridia will undertake a refurbishment programme for the guest rooms and communal areas, alongside measures aimed at improving the property’s operational efficiency and environmental performance. The project forms part of its value-added investment strategy, which is based on the acquisition and repositioning of properties with operational potential.
The property will retain the Ibis brand through a franchise agreement with Accor, while Continuum Hospitality Group will take over its management. The firm is already collaborating with Meridia on two other asset management and hotel repositioning projects in Spain and, following the addition of the Alcorcón property, will manage five properties in the region.
Víctor Iborra, a partner at Meridia, noted that the transaction reflects the management company’s commitment to the select-service segment, which it believes is supported by trends in tourist demand, limited supply and the lower presence of institutional capital compared with other hotel categories.
Uría Menéndez, Ernst & Young and Savills advised Meridia on the transaction, while Cushman & Wakefield acted on behalf of the seller.
