Funds managed and advised by Pictet Alternative Advisors, the alternative investment division of the Swiss-based Pictet group, have acquired the Expo Hotel Valencia, owned by Jordi Mestre, former owner of the Selenta group. The operation represents the largest hotel transaction in Valencia since the beginning of the pandemic and the purchase price, according to market sources is around €30 million.
The hotel is located on one of the city’s main thoroughfares and has 377 rooms, a restaurant, bar, outdoor pool, terrace with panoramic views of the city and more than 1,500 square metres of meeting and event space. The new property aims to convert it into a four-star hotel.
“This operation demonstrates our conviction, with respect to the Spanish hotel market, in value-added strategies, with the repositioning of assets and the search for the most suitable operators and brands for their consolidation. The new Expo Hotel Valencia after a comprehensive refurbishment, following appropriate sustainability criteria and under a first class international brand, will become one of the city’s benchmark hotels”, said Pablo Granell, Pictet AA’s head of Real Estate for Spain.
Pictet Alternative Advisors has completed several real estate transactions in Spain so far this year. The company closed the purchase of two luxury residential projects in Madrid in the Salamanca and Chamberí neighbourhoods together with Blasson and Lasabia. It also acquired a logistics centre in Vilanova del Camí (Barcelona) from Abacus and the Comotex production centre in Náquera (Valencia) in sale&leaseback transactions. Finally, it acquired the five-star Kimpton Aysla Mallorca hotel in Calviá (Mallorca), managed by Intercontinental Hotels Group.
Pérez-Llorca advised Pictet with a Tax team led by partner José Azqueta, together with lawyers Marta Rodríguez and Sergi Aguilar.
Broseta advised the Mestre family with partner Carlos Salinas and associate Manel Puig.
Cases & Lacambra advised the seller on Tax matters with partner Jaume Perelló.
On the other hand, Uría Menéndez advised the investor fund (managed/advised by Pictet Alternative Advisors) on the purchase of 100% of the shares representing the share capital of the Spanish company Expo Grupo, S.A., owner of the Expo Hotel (Valencia).
Uría Menéndez’s Valencia office team was led by Corporate partner Elizabeth Torrecillas, senior associates Julia Rodrigo (Corporate) and Belén Simbor (Real Estate), Corporate junior associate Daniel Segovia, Employment partner Raúl Boo and Employment senior associate Alba Perez, Corporate counsel Héctor Nogués and associate Esperanza Cots.