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Starwood and Melia Hotels put 4 hotels on the market

The Starwood Capital Group fund and Meliá Hotels International are preparing the divestment of four of their hotels in Spain, which should render approximately 240 million euros.

These units were acquired by means of a joint venture which started up in 2014. They are situated in the Balearics, the Canaries and Torremolinos, with about 2,000 bedrooms in total, according to sources close to the process quoted by Spanish Real Estate.

The transaction, with CBRE as consultants, is still in an initial phase, and will include the sale of 70% of the bedrooms that the vehicle has at present, with Meliá as operator. According to analysts, the sale of these hotels will be a boost for the market in tourist assets.

This joint venture aims to bring to a close the sale of seven hotel assets, two of them, the Sol Mirlos and the Sol Tordos becoming the Sol Palmanova, by Meliá for 176 million euros and its acquisition for a joint society, with Starwood capital having an 80% share.

Gabriel Escarrer, vice president and CEO at Meliá Hotels International, explains that the Mallorca chain is growing “mostly with funds of great prestige and recognition, such as Starwood Capital”. With this latest announcement, the hotel group are continuing their strategy to reduce debt by asset rotation, which in September 2016 was 528.8 million.