Renta 4 has joined the alliance between Westmont Hospitality and Grupo Lar to develop a hotel platform in Spain, with planned investment of around €350 million. The aim is to bring together about 12 hotels and 2,500 beds in the country's main markets. The business plan expects most of the capital to be deployed over the next three years.
The platform has fully placed the capital for its first deal: the acquisition of an office building in Málaga for conversion into a 116-room hotel. The announced investment is €23 million. The 3,833 sqm property is in a central area close to the AVE high-speed rail station. The planned exit horizon is five years.
The next project is in Sant Adrià de Besòs, next to Barcelona. There, the partners are working on acquiring land to build a 225-room, 7,344 sqm hotel. This second deal is still in preparation and has a target capital of €38 million.
The strategy focuses on the select-service segment, with a streamlined range of services and competitive value for money. The portfolio will combine conversions of existing buildings and new-build hotels, and will include environmental, social and governance criteria.
Westmont and Grupo Lar began working together in 2024. Miguel Ángel Peña, CEO of Grupo Lar, linked the new partner's arrival to the platform's ability to deliver its plan. "Its arrival strengthens the financial solidity of this project and allows us to accelerate our growth plan, of which the Málaga deal is only the first step among the assets we will develop together", he explained.
The agreement brings together Renta 4's financial capacity, Westmont Hospitality's hotel management and Grupo Lar's real estate development experience. Westmont highlighted how its experience as an operator complements the financing and real estate development provided by its partners. Juan Carlos Ureta, chairman of Renta 4, pointed to the investment opportunities that the Spanish hotel sector offers its clients, particularly in the select-service segment.
