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Wednesday, April 17, 2024

CMS advises Invesco on hotel portfolio acquisition

CMS Albiñana & Suárez de Lezo has advised Invesco Real Estate European Hotel Fund RAIF the purchase of a hotel portfolio

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CMS Spain has advised Invesco Real Estate European Hotel Fund RAIF on the acquisition from Principal Real Estate of a hotel portfolio comprising the Hotel Vincci Posada del Patio (Malaga) and the Hotel Barceló Occidental 1929 (Barcelona).

The deal has been articulated, indirectly, through the purchase of the two companies that own the properties and, together with the purchase of an establishment in the Netherlands, the company has invested around €100 million in the three acquisitions. This is the first investment made in Spain by this pan-European fund owned by Invesco.

The firm’s advice has also extended, among other things, to the refinancing of the existing debt of the target companies and the subscription of a new loan with Bankinter for an aggregate amount of €31.6 million, as well as the negotiation of the corresponding collateral package (pledges, mortgages and joint and several guarantee of the fund).

CMS Albiñana & Suárez de Lezo relied on a multidisciplinary team led by Real Estate and Construction partner Javier Colino, who was supported by Commercial partner Mariano Bautista, senior associate Marta González, and lawyers Jorge Durán, Cristina Ridruejo and José Luis Rodríguez.

For Invesco, the acquisitions in Spain represent an opportunity to acquire prime, centrally located assets in two of the country’s most dynamic markets.

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