Palacio Solecio in Malaga
ASG Ibérica is seeking 3, 4 and 5-star units, estimated at more than 20 million euro with at least 100 bedrooms. Whether urban or leisure hotels, the most important thing for ASG Iberia is that they can be both remodelled and change its operator.
The new person in charge of ASG Iberia’s hotel segment, Luis Miguel Martin, assumed in a release that «we are determined in continuing the expansion of our hotel portfolio with acquisitions both in Spain and in Portugal. Destinations such as Madrid, Barcelona, Malaga, Lisbon, Porto, Ibiza, Mallorca and Costa do Sol are within our preferences». But that was not all, Luis Miguel Martin further assumed that ASG Iberia is «very flexible» in terms of asset location and, as such, he believes that, in following the company’s added value strategy, they will be apt to create «liquid products attractive for the market» if they find opportunities on other «good» locations.
It was within this context that fund ASG Iberia further revealed that its range of investment can be further expanded to other segments which reveal themselves as growth opportunities, as is the case of the alternative and housing segments.
In Spain, ASG Iberia owns 5 hotels
ASG Iberia currently has a total of 5 hotels with more 1.150 rooms, all located in Spain.
Hotel Ibis Barcelona Meridiana, which has 143 rooms, is one of those hotels and the only one which is currently active. Another one, called Palacio Solecio and located in Malaga, is at the final stages of its refurbishment. Once the refurbishment is concluded, the hotel will feature 117 rooms. The remaining 3 hotels are also under development: hotel Hard Rock Atocha in Madrid (161 rooms), should open by the next year’s second quarter; hotel Hampton by Hilton Fira Barcelona, (241 rooms), scheduled to open at the beginning of next year and Hotel Forum located at Barcelona’s Port Fórum (509 rooms) should open its doors only in 2023.
Juan Alonso, director of Asset Management at ASG Iberia, assumed that «Spain is one of our priority markets, on which we maintain a high interest by carrying out new investments in different segments, which have a real potential of adding value and where we can apply our experience and know-how for repositioning and transformation».
ASG Iberia was launched in Spain in 2014 and since then it has already made 33 acquisitions in the Iberian real estate market, especially within the housing and hotel segments, on which it spent around 1 billion euro. It is managed by ActivumSG Capital Management, which was founded by Saul Goldstein in 2007.