The Olayan Group, the company owned by the billionaire family of Saudi origin Olayan, has closed the purchase of the Mandarin Oriental Hotel in Barcelona from its current owners, the Andorran Reig family and the US fund Farallon. Although the amount of the transaction has not been disclosed, many media reported months ago that the price the property was asking for the asset was around €240 million.
The Mandarin Oriental Hotel is located at 38-40 Passeig de Gràcia, in the centre of the Catalan capital, and was inaugurated in 2010. This five-star complex has 120 rooms, designed by the renowned interior designer Patricia Urquiola, and services associated with the stay, such as a spa and a rooftop swimming pool with views across Barcelona.
Garrigues team was formed by partners Juan Jose Berdullas Pomares, Eduardo Fernández Goñi, senior associate Aurora Sánchez Palacios and associate Aitor Fernández Neira.
According to the information, Baker & Mackenzie advised to Grupo REIG and DLA to the buyer.
DLA Piper advised The Olayan Group in all stages of the transaction, from the initial due diligence exercise and structuring of the acquisition up until completion.
The DLA Piper team was led by head of Real Estate in Spain Orson Alcocer (top left) and the team was formed by a comprehensive group of lawyers of different areas, including Real Estate legal director Ángel Maestro (bottom centre) and Julia Fernández (bottom right), Tax partner Miguel Baz (top centre) and counsel María Alonso (top right) and M&A lawyer Almudena Comin (bottom left).
Baker McKenzie Reig Capital Group advised on the sale of Barcelona’s iconic Mandarin Hotel to The Olayan Group, with a team led by Jorge Adell Sánchez and Priscila Giacchetti.