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Thursday, February 22, 2024

PLL, Cuatrecasas counsel Equity Inmuebles on the sale of its hotel portfolio

Pérez-Llorca has legally counselled Equity Inmuebles and Cuatrecasas has advised them on Tax matters on the sale of largest hotel portfolio in Spain

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JLL has successfully advised Equity Inmuebles, owned mainly by the Calero, Briones, and Mazin families, on the landmark sale of the largest hotel portfolio in Spain.

A large Middle East sovereign wealth fund has acquired the 17-hotel asset portfolio, marking a significant step up in its presence in Spain as it continues to expand its international real estate portfolio.

The portfolio comprises full-service hotels strategically located across Spain’s most popular tourist regions, with a significant portion in Madrid, accounting for over 37% of the room count. The hotels offer exceptional real estate quality and diversity of locations, catering to various segments, including winter and summer leisure destinations, as well as corporate and MICE business.

Among the notable assets within the portfolio is the ME Reina Victoria by Meliá, an iconic hotel in Madrid’s Plaza de Santa Ana. This historic 19th-century palace, featuring a stunning modernist façade, offers guests panoramic views of the capital from its rooftop bar.

Leading the transaction on behalf of Equity Inmuebles, JLL’s Hotels & Hospitality Group demonstrated their expertise in managing the complex deal. The team, including Patrick Saade, Senior Managing Director, Ana Ivanovic, Head of Spain Hotels Transactions, and Rui Diogo, Vice President, successfully packaged the deal, highlighting the potential for growth through targeted CapEx programs, revenue management initiatives, and overall market expansion. The seller was also advised by Perez-Llorca (legal) and Cuatrecasas (Tax).

Patrick Saade, Senior Managing Director of EMEA Hotels & Hospitality Capital Markets at JLL, commented: “This historic transaction signifies a major milestone in the real estate market. The strong interest from global investors, particularly from the Middle East, who accounted for nearly 50% of transaction volume in Spain as of August 2023, underlines the resilient and appealing nature of the hospitality sector. It continues to be a prime focus for investors seeking dynamic opportunities within the real estate asset class.”

JLL, with its global reach, connectivity, and extensive experience in the hotel sector, remains committed to shaping the future of real estate and delivering exceptional results for clients worldwide. The seller was also advised by Perez-Llorca (legal) and Cuatrecasas (Tax).

Pérez-Llorca’s team was formed by a Corporate team led by partner Fausto Romero-Miura, supported by lawyers José Ángel Nabal, Patricia Alonso-Lamberti, Marcos Mata, Diego Narbona, along with Urban Planning partner Alberto Ibort and lawyer Clara Carazo.

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