According to a joint report by Cushman & Wakefield and CMS, hotel investment remained high in Spain last year, with figures showing total deals worth EUR 3.7 billion. However, this represents an 18.7% YoY drop following Spain’s record year in 2017, where investment totalled EUR 4.6 billion.
Making up the lion’s share of last year’s figure was US investment fund Blackstone’s acquisition of a Hispania portfolio for almost EUR 2 bn. The package included 42 hotels housing close to 13,000 bedrooms, many of which at beach resorts.
The biggest deals in Spain over the last five years are as follows:
TOP 5 HOTEL DEALS IN SPAIN (2014 - 2019) | |||||
Year | Portfolio | Seller | Purchaser | Purchaser’s origin | Amount (in EUR million) |
2018 | Hispania | Hispania | Blackstone | US | 1,787 |
2017 | HIP | Banc Sabadell | Blackstone | US | 631 |
2017 | Merlin Properties | Merlin Properties | Covivio | France | 559 |
2017 | Banco Popular Majority Share | Banco Popular | Blackstone | US | 366 |
2017 | Foreclosed Hotels | CaixaBank | Apollo Global RE | US | 350 |
Some of the key findings are:
- The average price per room in Spain reached EUR 155,000, with 59% of deals focused on holiday destinations.
- Despite being down 18.7% on 2017, a record year for Spain, numbers are still exceeding those recorded for the previous decade, where only 2015 saw the EUR 2 billion mark breached.
- Average investment across the Iberian Peninsula hit EUR 151,000 per room for assets worth an average of EUR 31.9 million, in other words, housing 211 bedrooms.
- Institutional investors accounted for 68% of all deals.
Full report available for download below.
