According toSpanish Real Estate, the hotels included in this deal include tose of Figueres, Girona, Granollers, Mollet, Viladecans, Valencia, Albacete and Fuenlabrada. The hotel chain will continue to operate these establishments by renting for a period of at least 15 years.
With the sale of the real estate assets, B&B Hotels is strengthening its ‘asset light’ business model, “Key to maintaining strong rates of growth and yields in the past, sustainable when projected into the immediate future,” explains Jairo González, General Director for the hotel chain for Spain and Portugal.
The Director adds, “This transaction is strategic for B&B, allowing the chain to lighten its load in Spain to be able to maintain in future strong growth throughout Iberia, where we are studying various opportunities to incorporate rapidly more hotels to our network.”
Philippe Cervesi, Investment Director at Corum AM, believes, “This transaction is a good point of departure for a strategic alliance between both companies,” according to the same source.
M&B Lawyers acted as consultants for the French real estate investment fund Scpi Corum Convictions.